The Government has reached an in-principle agreement with the Walt Disney Company on the expansion and development plan for the Phase 1 site of the Hong Kong Disneyland Resort.
It will be the first Disneyland park in the world featuring ‘Frozen’ and ‘Marvel Superheroes’ themed areas. The plan will also transform the castle currently in the park.
The move will increase the number of themed areas from seven to nine, and the total number of attractions will increase from about 110 to over 130. The expansion will span from 2018 to 2023. Secretary for Commerce & Economic Development Gregory So said “The plan will cost $10.9 billion.
The two shareholders will inject capital based on the current shareholding ratio. In other words, the Government will inject $5.8 billion and the Walt Disney Company will inject $5.1 billion. We are happy to see the Walt Disney Company’s confidence in the Hong Kong market by making this significant investment to expand and develop the Hong Kong Disneyland Resort.
About 3,500 jobs will be created during the 2018-2023 construction period and perhaps 600 full-time jobs after completion of the project, So added. The Government will discuss the plan with the Legislative Council on November 28. It will also make a submission for funding approval at a later date.
Hong Kong Disneyland to expand