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  • HKDL gets preliminary green light for expansion

    hot from the press and as reported by Hong Kong Disney Blog

    Frederick Ma, Secretary for Commerce and Econonomic Development told reporters that HK Government is going to give the preliminary green light for HKDL's expansion.

    But the funding would have to be approved by Hong Kong Legislative Council. He expects legislator would do the right thing for Hong Kong. he also says that it is for the best interest of Hong Kong as well as Hongkongers that HK government should inject capital for further expansion at Hong Kong Disneyland.

    Regarding Phase 2 expansion, that is the 2nd park at the Resort would be different in theming than the 1st Park (that is Hong Kong Disneyland), and it will be decided later on.

  • #2
    Re: HKDL gets preliminary green light for expansion

    Thanks for the info!

    Does this include injecting more into the current park or will this be financing a new park only?
    "If you build it right, they will come." - Bob Iger

    "I'm not a literary person. As far as realism is concerned, you can find dirt anyplace you look for it. I'm one of those optimists. There's always a rainbow." - Walt Disney



    "I don't care about critics. Critics take themselves too seriously. They think the only way to be noticed and to be the smart guy is to pick and find fault with things. It's the public I'm making pictures for." - Walt Disney

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    • #3
      Re: HKDL gets preliminary green light for expansion

      Originally posted by ROBONICS95 View Post
      Thanks for the info!

      Does this include injecting more into the current park or will this be financing a new park only?
      Probably both.

      My understanding is that 1st park will be expanded and there will be plan for 2nd Park

      the secretary for commerce and economic development said details will be worked out later.

      Comment


      • #4
        Re: HKDL gets preliminary green light for expansion

        Gotcha
        Very positive news, thanks for sharing.
        "If you build it right, they will come." - Bob Iger

        "I'm not a literary person. As far as realism is concerned, you can find dirt anyplace you look for it. I'm one of those optimists. There's always a rainbow." - Walt Disney



        "I don't care about critics. Critics take themselves too seriously. They think the only way to be noticed and to be the smart guy is to pick and find fault with things. It's the public I'm making pictures for." - Walt Disney

        Comment


        • #5
          Re: HKDL gets preliminary green light for expansion

          Its a repeat of HKDL post online in the HKStandard:
          http://www.hkstandard.com.hk/news_de...008&con_type=3

          Comment


          • #6
            Re: HKDL gets preliminary green light for expansion

            More water fountain play areas in the works? They sure do love their water fountain play areas over there.

            Comment


            • #7
              Re: HKDL gets preliminary green light for expansion

              That's because it's a VERY warm climate, and with no water-based attractions that actually are made to get you wet, it seems like it was needed.



              Anyways, this is really great news for HK!
              "Keep Moving Forward."

              Comment


              • #8
                Re: HKDL gets preliminary green light for expansion

                Originally posted by 1FoolishMortal View Post
                That's because it's a VERY warm climate, and with no water-based attractions that actually are made to get you wet, it seems like it was needed.
                I hear Splash Mountain is also pretty good at doing that

                Comment


                • #9
                  Re: HKDL gets preliminary green light for expansion

                  Ah, but you see they can't built it at HKDL for cultural reasons. Just think of all the great attractions the park would have if the Hong Kongers weren't so closed minded!

                  Comment


                  • #10
                    Re: HKDL gets preliminary green light for expansion

                    ORDDU: My sisters and I aren't certain what you mean, Sir Cliff, duckling, by saying an attraction like Splash Mountain would violate any of Hong Kong's cultural sensativities. However, if the original concept for the Pirates of the Caribbean attraction goes forward, there will be a big flume drop at the end of it. It would be another example of two attractions combined into one--sort of like what they did with their Jungle Cruise, which has elements of Rivers of America.

                    Comment


                    • #11
                      Re: HKDL gets preliminary green light for expansion

                      Originally posted by Sir_Cliff View Post
                      Ah, but you see they can't built it at HKDL for cultural reasons. Just think of all the great attractions the park would have if the Hong Kongers weren't so closed minded!
                      That was a joke right Sir Cliff? I really can't tell if you are serious or joking..

                      Comment


                      • #12
                        Re: HKDL gets preliminary green light for expansion

                        Yeah, it was a joke. Just playing on the fact that argument was made about things like Haunted Mansion and, of course, they just installed quite a successful temporary haunted house attraction recently proving that argument was rubbish.

                        Comment


                        • #13
                          Re: HKDL gets preliminary green light for expansion

                          Originally posted by Sir_Cliff View Post
                          Yeah, it was a joke. Just playing on the fact that argument was made about things like Haunted Mansion and, of course, they just installed quite a successful temporary haunted house attraction recently proving that argument was rubbish.
                          Indeed they did. They also tried to make the press think that the Chinese were more interested in photo ops than attractions. That turned out NOT to be true and they are now in a battle with Ocean Park which continues to reinvent itself and add new shows and rides to successfully steal visitors from Disney. Rather than waiting on the Chinese govt., Disney should inject a little of their own capital into this beautiful, but boring, park!
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                          • #14
                            Re: HKDL gets preliminary green light for expansion

                            Originally posted by Dustysage View Post
                            Indeed they did. They also tried to make the press think that the Chinese were more interested in photo ops than attractions. That turned out NOT to be true and they are now in a battle with Ocean Park which continues to reinvent itself and add new shows and rides to successfully steal visitors from Disney. Rather than waiting on the Chinese govt., Disney should inject a little of their own capital into this beautiful, but boring, park!

                            But with the Gov't holding a majority of the percentage of the park, is Disney able to make a large investment for expansion without the backing and approval of the Gov't? Or can Disney call the shots on what/how much gets invested?

                            If not, then waiting for the Chinese Gov't may be a mandatory step before proceeding with their own creaitive ideas.
                            Last edited by ROBONICS95; 11-05-2007, 02:55 PM.
                            "If you build it right, they will come." - Bob Iger

                            "I'm not a literary person. As far as realism is concerned, you can find dirt anyplace you look for it. I'm one of those optimists. There's always a rainbow." - Walt Disney



                            "I don't care about critics. Critics take themselves too seriously. They think the only way to be noticed and to be the smart guy is to pick and find fault with things. It's the public I'm making pictures for." - Walt Disney

                            Comment


                            • #15
                              Re: HKDL gets preliminary green light for expansion

                              HKDL is a join venture of Disney and HK government. If only Disney invest more money and HKG not coming up with the same amount to match, HKG will lose their status as the larger shareholder. HKG does not want to lose the power to make final decisions, that's the reason why Disney can't just invest more in HKDL alone.

                              Comment


                              • #16
                                Re: HKDL gets preliminary green light for expansion

                                Makes sense, thanks for clarifying.
                                "If you build it right, they will come." - Bob Iger

                                "I'm not a literary person. As far as realism is concerned, you can find dirt anyplace you look for it. I'm one of those optimists. There's always a rainbow." - Walt Disney



                                "I don't care about critics. Critics take themselves too seriously. They think the only way to be noticed and to be the smart guy is to pick and find fault with things. It's the public I'm making pictures for." - Walt Disney

                                Comment


                                • #17
                                  Re: HKDL gets preliminary green light for expansion

                                  Originally posted by wishyouwell View Post
                                  HKDL is a join venture of Disney and HK government. If only Disney invest more money and HKG not coming up with the same amount to match, HKG will lose their status as the larger shareholder. HKG does not want to lose the power to make final decisions, that's the reason why Disney can't just invest more in HKDL alone.
                                  Exactly and I think that's a major stumbling block in HKDL's development. Ma said he believes HK citizens do not want to lose the major shareholder status, but I am a HK citizen and all I care is that HKDL gets expanded and bring more tourists in. I am not even sure I want HKDL profits to go to the HK govt, since they haven't really given us much in tax breaks, etc, given the current good economic state that we are in.

                                  I would like to see HKDL floated on the HK Stock Exchange and HK citizens will decide whethere we would invest in it or not. We don't need the HK govt to invest our money for us, they are doing bad enough already, look at the Mandatory Provident Fund (MPF).
                                  Jul 1992: Disneyland Paris
                                  Apr 2006: Hong Kong Disneyland
                                  Jul 2010: Disneyland and Disney's California Adventure
                                  Mar 2011: Hong Kong Disneyland
                                  Jul 2013: Tokyo Disneyland and Tokyo DisneySea
                                  Sep 2013: Hong Kong Disneyland
                                  Jul 2014: Disney California Adventure

                                  Comment


                                  • #18
                                    Re: HKDL gets preliminary green light for expansion

                                    Originally posted by Asa View Post
                                    We don't need the HK govt to invest our money for us, they are doing bad enough already, look at the Mandatory Provident Fund (MPF).

                                    If you are a MPF fund manager, you must be reaping money with allot of profits. Trying to get your MFP provider to clawback the extra charges from the employer would be great.

                                    Comment


                                    • #19
                                      Re: HKDL gets preliminary green light for expansion

                                      http://pshweb02.881903.com/apps/news...1430592700.htm

                                      Translated: Disney will pay off the US$293 million debt borrowed to build HKDL in the next year, rather than over the next 15 years, to save on interest payments. It will also waive the copyright fees paid by HKDL to Disney for the next few years. It will also continue talks with HK govt for expansion of HKDL.
                                      Jul 1992: Disneyland Paris
                                      Apr 2006: Hong Kong Disneyland
                                      Jul 2010: Disneyland and Disney's California Adventure
                                      Mar 2011: Hong Kong Disneyland
                                      Jul 2013: Tokyo Disneyland and Tokyo DisneySea
                                      Sep 2013: Hong Kong Disneyland
                                      Jul 2014: Disney California Adventure

                                      Comment


                                      • #20
                                        Re: HKDL gets preliminary green light for expansion

                                        There are some discrepancies between the news report by Hong Kong/Chinese Media and US Media on the Walt Disney Company's Financial Announcement.

                                        If you read the news article by Reuters, there is no mentioning of paying off the 15-year term loan of US$293 million.

                                        The following is an excerpt from the News Article by Reuters:

                                        The Walt Disney Co (DIS.N: Quote, Profile, Research) has reached an agreement with creditors of its Hong Kong Disneyland joint venture to remove the debt covenants on a $293 million commercial loan for a year while it tries to boost attendance at the resort, Chief Financial Officer Tom Staggs said on Thursday.

                                        Disney has said it will continue to invest in the park, which has missed its attendance goals for two years running, and Staggs said the company will forgo royalties for "a couple of years" as part of that investment.
                                        what it really means is to remove the debt covenants on a $293 million commercial loan for a year.

                                        A Debt covenant, is an agreement between a company and its creditors that the company should operate within certain limits. Debt covenant is agreed as a condition of borrowing. It may be changed if debt is restructured.

                                        From my understanding is that The Walt Disney Company is going to change its debt structure for Hong Kong Disneyland and the creditors have agreed to suspend the terms of the loan for ONE (1) year.

                                        I guess some Hong Kong/Chinese Newspapers misunderstood the term "debt covenant". The terms "Debt Covenants" and "Debts" are different. The phrase "to remove the debt covenant" does not mean to pay off the debt or loan.

                                        ---------------------------
                                        just found out another part of the news from Reuters (reported and edited in Hong Kong):

                                        FRUSTRATED HONG KONG
                                        Creditors of the struggling Hong Kong Disneyland joint venture agreed to suspend the debt covenants of a $293 million commercial loan for a year and give owners Disney and the government of Hong Kong access to funds that had been frozen, Chief Financial Officer Tom Staggs said.

                                        In exchange, the joint venture will repay the loan by Sept. 30, 2008, and Disney will forgo royalties from the park for "a couple of years," Staggs said on a conference call.
                                        Hong Kong Disneyland, which opened in 2005, missed its first-year attendance target of 5.6 million by nearly 10 percent and has not released second-year totals.
                                        Hong Kong's commerce secretary, Frederick Ma, told the Standard newspaper this week that the government was now reconsidering its approach and may inject new funds to expand the park. But commerce officials declined comment.


                                        "The agreement with the creditors is a good thing," said a spokesperson for the Hong Kong Tourism Board. "We hope the park and its management will be able to develop a more concrete plan to attract more visitors." (Additional reporting by Joseph Chaney in Hong Kong; Editing by Edwin Chan & Lincoln Feast)
                                        Source : Reuters/Guardian
                                        Last edited by PennysBayChronicle; 11-09-2007, 05:35 AM.

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