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Disneyland Facts Essay

3930 words - 16 pages

Legislative Council Secretariat

FS30/08-09

FACT SHEET
Financial arrangements relating to Tokyo Disneyland, Disneyland Paris and Hong Kong Disneyland
1. Background

1.1 At the special meeting held on 4 July 2009, the Panel on Economic Development discussed the financial arrangements relating to the proposed expansion of Hong Kong Disneyland. During the discussion, a member requested the Research and Library Services Division to provide information on the financial arrangements relating to Tokyo Disneyland, Disneyland Paris and Hong Kong Disneyland. As such, the purpose of this fact sheet is to provide the Panel with information on these three theme parks in terms of their ownership ...view middle of the document...

The final contract which was signed in 1979 gave Walt Disney 5% of the gross revenue on all food and merchandise, 10% of the gross revenue on admissions, and 10% of any corporate sponsorship agreement, in exchange for a token US$2.5 million (HK$19.5 million) investment in the park. Walt Disney earned a fee for developing the park, retained complete design control, and retained significant control over park operations through a series of highly detailed operating manuals. (See Appendix I for the financial arrangements relating to the construction of Tokyo Disneyland.) 2.3 After the opening of Tokyo Disneyland in 1983, Oriental Land expanded the concept of a "theme park" to a "theme resort" by developing Tokyo Disney Resort. Today, Tokyo Disney Resort includes two theme parks (i.e. Tokyo Disneyland and Tokyo DisneySea); three Disney-branded hotels (the Disney Ambassador Hotel, the Tokyo Disney Sea Hotel MiraCosta and the Tokyo Disneyland Hotel), and the Disney Resort Line monorail (linking theme parks and resort hotels with Ikspiari, a retail, dining and entertainment complex). In addition to Tokyo Disney Resort, Oriental Land also operates a hotel – the Palm & Fountain Terrace Hotel – located only 15 minutes by shuttle bus from the resort area. 2.4 Please refer to Appendices II, III and IV for the ownership, operational statistics and nationality of visitors of Tokyo Disney Resort.

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Based on the average exchange rate of HK$7.787 per US dollar in 2008.
page 2

Research and Library Services Division

Legislative Council Secretariat

FS30/08-09

3.

Disneyland Paris

Overview 3.1 Disneyland Paris opened on 12 April 1992. It is located in a small farming town 25 km east of Paris. Talks between Walt Disney and the French government started in the early 1980s and an agreement was signed in 1985, with the deal completed in 1987. At that time, the French government called the agreement "the largest investment in recent history in France". 3.2 At first, the project cost was estimated to be about US$1 billion (HK$7.8 billion) and the original name was Euro Disney. The initial financial arrangement was that Walt Disney would hold a 49% equity in the project, and the French government would put in a cash grant and a loan and finance much of the infrastructure. This was the extent of the French government's involvement in the park as Euro Disney was to be run as a non-government concern. (See Appendix I for the financial arrangements relating to the construction of Disneyland Paris.) 3.3 When the theme park was completed, cost escalated to US$5 billion (HK$38.9 billion) due to a number of design and construction changes. Between 1992 and 1994, a combination of reasons led to financial difficulty at Euro Disney: the US$4 billion (HK$31.2 billion) debt posed a huge financial burden on the park, interest rates were double the original estimates, tourist spending was lower because of recession in Europe, half of the revenue projected to come...

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