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Ocean Park Announces Financial Results for Fiscal Year Ending 30 June 201

2019-12-11

Attendance remains stable at 5.7 million as Park faces increasingly fierce competition

(Hong Kong, 11 December 2019) Today Ocean Park announces its financial results for the 2018/19 fiscal year ending on 30 June 2019 which saw the Park record HK$1,734.9 million in revenue, up 2.89% year-on-year from HK$1,686.2 million in 2017/18, while operating costs increased to HK$1,543.9 million.

“During the 2018/19 fiscal year, we made huge headway in our journey to become a premier international resort destination. The added value and synergy brought by our new theme park resort positioning and the opening of Hong Kong Ocean Park Marriott Hotel enabled us to expand our overnight and family audiences as well as our corporate business,” said Leo Kung, Chairman of Ocean Park. “We also continued to widen entertainment experiences for guests with technology, and elevate F&B offerings with a revamped in-park dining strategy and new establishments – delivering solid growth in catering income and in-park spending.”

Investments in edutainment offerings such as the reinvention of iconic rides with digital technologies, new creative formats for seasonal events, expanded night-time entertainment offerings and facility revamps, coupled with a notable rise in repairs and maintenance expenses caused in part by the damage inflicted by super Typhoon Mangkhut, as well as expenses associated with new infrastructure and depreciation on new facilities, resulted in the Park closing the 2018/19 fiscal year with a net deficit of HK$557.3 million.

“Ocean Park is facing fierce competition from the proliferation of theme parks in the region and an increasingly difficult market environment. Despite cost pressures, it is mandatory for us to invest in new infrastructure and meticulously curated offerings to uplift the guest experience, and maintain the Park’s attraction as an entertainment destination and a tourism hotspot,” continued Kung.

The Park’s attendance for 2018/19 remained stable at 5.7 million visitors, with strong local attendance numbers fuelled by Hong Kong resident-exclusive promotions and a large scale SmartFun campaign to attract new members to its annual pass programme. The number of free independent travellers (FIT guests) from key overseas markets also recorded robust growth on the back of the Park’s targeted marketing efforts. The growth momentum in local and FIT attendance was countered however by a continued decline in tour group attendance which echoes the worldwide trend of personalisation in travel.

“The Park has grown and developed along with the city. Throughout its 40 plus years of development, Ocean Park has established itself as an edutainment hub and a major contributor of conservation. Moving forward, we look to take the thrill and allure of nature discovery to the next level for our guests of tomorrow,” said Kung.

As a park for Hong Kong people, Ocean Park organised a total of 30 social care programmes that produced a benefit equivalent to over HK$360.4 million, serving close to 640,000 beneficiaries from the local community in 2018/19. In addition, the Park donated about HK$11.4 million to Ocean Park Conservation Foundation, Hong Kong in the fiscal year to conserve Asian animal biodiversity.