Small world after all
Parks and resorts deliver a strong 2017 Q2, with income up 20 percent
Maybe, but Disney gets big results from Shanghai theme park
Shanghai Disney Resort said it is ready to welcome its 10 millionth visitor, as the resort approaches its first anniversary on June 16.
“In the next few days, Shanghai Disney Resort will welcome its 10 millionth guest,” said Robert Iger, chairman and chief executive officer of The Walt Disney Co, said at a conference call on Tuesday.
“As the resort has become a true national destination in China, attendance is outpacing our most optimistic projections and the park’s performance is exceeding our expectations.”
Iger said: “The addition of the new Toy Story Land will add to the park’s popularity … and it’s just the first of several planned expansions in Shanghai.”
According to the secondquarter report, Shanghai Disney Resort has contributed to the operating income growth of the company for the quarter.
Christine McCarthy, senior executive vice-president and chief financial officer of Walt Disney, said: “Parks and resorts delivered another strong quarter, with operating income growth of 20 percent, driven by increases at Shanghai Disney Resort and our domestic parks and resorts.”
Disney reported revenues for the second quarter reached $13.3 billion and net income stood at $2.388 billion.
Zhao Huanyan, an economist at Huamei Hotel Consulting, said the 10 million mark is a number that signifies the growing importance of theme parks in the tourism industry in China at a time when tourists in China are growing more interested in theme parks than natural tourism sites.
Shanghai Disney Resort is a joint venture between Walt Disney and Shanghai Shendi Group.
In fiscal year 2017, Disney already had two releases that topped $1 billion in global box office revenue — Rogue One and Beauty and the Beast.
Beauty and the Beast has had a box office of 590 million yuan ($85.4 million) in China. Pirates of the Caribbean: Dead Man Tell No Tales is going to have its global premiere in Shanghai on Thursday.
In the next 14 months, there will be four releases of Marvel movies, including Thor Ragnarok, Black Panther, Avengers Infinity War and Antman and Wasp. After Beauty and the Beast, Disney is producing a series of live action films, including Lion King, Dumbo, Aladdin and Mulan.
In terms of animated films, Cars 3 opens in June and Incredibles 2 in the summer of 2018 and the 2019 release of Toy Story 4.