Hong Kong Disneyland later down the road will receive a big make over the park with a budget of $1.4 billion USD (HK $10.9 billion) that were approved by the government under Hong Kong’s Legislative Council to co-fiance the expansion. It was a on going battle since the announcement made last year in November and lawmakers who challenged council sessions and the fiance committee.
Artist Concept Only for the newly redesigned castle for the Hong Kong Disneyland Resort as part of a multi-year deal between the government and Disney. Source: (©Disney)
The Walt Disney Company will be receiving management fees since the decrease of the park’s attendance and performance in which lawmakers became hostile of the situation. Disney back in March, offered to equally split the cost of the expansion despite have small involvement with the park and also offered to waive management fees for two financial years.
The government’s ownership stake will fall from 53% to 52%, while Disney’s will increase from 47% to 48%
“Hong Kong Disneyland Resort’s multi-year expansion that will leverage some of the most popular stories of the Disney brand including Marvel and ‘Frozen’,” said Samuel Lau, executive VP and managing director of Hong Kong Disneyland Resort.”
The resort just recently opened up a brand new hotel, the Disney Explorer’s Lodge and Marvel’s The Iron Man Experience similar towards Star Tours and Marvel Super Hero Summer event this year.
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