Ocean Park Hong Kong has reported a HK$71.6 million ($9.2m) deficit in its latest financial results, despite attendance and revenue reaching a five-year high.
In Ocean Park Corporation’s results for the fiscal year from 1 July 2023 to 30 June 2024, revenue increased by 41 percent year-on-year to HK$1.181 billion. Visitor numbers grew by 33 percent, from 2.36 million to 3.14 million.
Still, the theme park recorded a $9.2m deficit, with operating costs rising by 17 percent year-on-year. Spending on conservation and education reached HK$437.6m, accounting for nearly 30 percent of the total operating costs.
An insider told the South China Morning Post that this year’s loss was partly due to the park not receiving an HK$570m government grant, which was provided the previous financial year.
Paulo Pong, chairman of the board of Ocean Park Corporation, said, “Despite the ongoing challenges in the market following the pandemic, Ocean Park Corporation has seen significant growth in both visitor numbers and revenue, with a continuous influx of visitors.
“We will continue to pursue diverse revenue sources and aim for continued improvement in our financial performance over the medium to long term, despite prevailing external economic uncertainties.
“Through our operating income, we seek to contribute to society, future generations, and environmental conservation, thereby reducing reliance on public finances.”
In a statement, Ocean Park Corporation said it is effectively implementing a HK$6.8bn ($876m) redevelopment plan announced in 2021. This involves transforming the site into a resort destination with a focus on adventure, conservation and education.
$876m redevelopment plan
Earlier this year, the park unveiled its new adventure zone. Preparations are now underway, and the zone is due to open in 2028. Ocean Park said the new area is expected to attract a broader visitor demographic.
“As a non-profit organisation, Ocean Park Corporation plays many roles in Hong Kong. Not only are we an important tourist destination, but also an essential driver of conservation and education,” Pong added.
“Additionally, we are committed to promoting the integrated development of tourism, culture and sports.
“For the fiscal year 2024–2025, we will capitalise on the presence of six giant pandas in the park to drive citywide excitement, thereby increasing visitor numbers and revenue while promoting panda tourism and ecological conservation in Hong Kong.”
Images courtesy of Ocean Park Corporation
