In case anyone forgot, Disney has another resort in China besides the new one opening up in Shanghai.
All kidding aside, analysts are really nervous that mainlanders are going to forget about HKDL and stop going. They also have reason to worry as attendance and retail revenue have reportedly been sliding It's on this backdrop that the Hong Kong Chief Executive celebrated Hong Kong
Disneyland's 10 birthday.
He seems fully committed to HKDL, and is not going to let up. I just wanted to share a few excerpts from his speech...
"The future looks even brighter. Like the rest of you, I can't wait for Marvel's Iron Man theme area to open in 2016, followed by the Explorers Lodge hotel in 2017. And I can tell you that good progress is being made in the discussions between the Government and The Walt Disney Company on Hong Kong Disneyland's Phase 2 development."
He's such a tease, and he's also threatening Shanghai. Bob Weiss has begun working on HKDL recently and I'm sure those plans are advancing. Park 2 and their own version of Disney Town are on the way. I also think that Hong Kong has got be more than a little thrilled they got the same person who developed Shanghai Disney Resort on their side now.
He continues:
"With a variety of major cross-boundary infrastructure developments coming on stream over the next few years - including the Guangzhou-Shenzhen-Hong Kong Express Rail Link, the Hong Kong-Zhuhai-Macao Bridge and the third runway of our international airport - our links with the Mainland, and the rest of the world, will multiply."
People are really concerned that mainlanders are dropping off coming to Hong Kong. We'll see if these sorts of links turn that around. Devalued currency is a more likely culprit than inability to access.
"That will bring a wealth of fresh opportunity for Hong Kong Disneyland, and Hong Kong as a whole.
And I have no doubt that Hong Kong Disneyland will capitalize on those opportunities."
They want to compete with Shanghai.
"The original Disneyland, in Anaheim, California, celebrated its 60th birthday two months ago. The good news is that Disneyland Resort continues to expand, continues to create enchanting holidays and memorable moments for its visitors.
In short, Hong Kong Disneyland, now 10 years old, has just begun to dazzle the world."
They're just getting started. I also have to add that they seem to be focused on all the right things. When they could be cutting costs, they're planning to build more. When they could admit defeat, they're doubling down. They also realize Shanghai could have an impact, so they're spending more.
They're getting into an arms race before Shanghai even opens. This is going to be great!