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Alex Lo

The eight-month-old civil unrest may have been devastating for the city, but has been a godsend for the management of Ocean Park. They could not have made up a better excuse to get the government to cough up HK$10.64 billion to bail it out.
To be sure, the violent protests have caused a significant drop in visitor numbers, a majority of whom are mainland tourists. But the theme park has been losing money since 2015.
The real trouble, though, is not the recurrent annual losses, but the HK$2.3 billion the park owes in commercial loans, and another HK$3.67 billion in debt to the government.
Both sets of loan are due within the next two years while it has just HK$400 million in the bank.
Is Ocean Park a ‘failed business’? Bosses reveal billions are owed
Without the government bailout, as New People’s Party legislator Regina Ip Lau Suk-yee observed during a grilling session in the legislature, the park would go under.
How did they end up owing so much money? Apparently, a water park, whose opening was postponed from 2017 to this year, was more than a billion dollars over budget. But we have yet to be given the full financial picture.
Run as a non-profit, the government appoints the board members of Ocean Park. Among them are the permanent secretary for development (works) and the commissioner for tourism.
It looks like the board of directors has not exercised proper oversight, and by extension, the government as well.
Ocean Park bailout will do more than ‘stop the bleeding’: tourism chief
No accountability is being demanded of park management by the government as it is trying to strong-arm lawmakers into approving the HK$10 billion-plus bailout, which also includes funding for seven new zones and 20 attractions over seven years.
Undeniably, Ocean Park has been a major recreational asset since its opening in 1977, in a city that has always lacked proper amenities for the public. Many Hongkongers have fond childhood memories of the park, including yours truly. It’s inconceivable to allow such an iconic Hong Kong landmark go under.
But there ought to be accountability. It is time for a senior management overhaul. The effectiveness and membership of the current board of directors needs to be questioned.
In a normal world, you can’t expect such a major public bailout without the heads of key personnel placed on a platter. But that is what Secretary for Commerce and Economic Development Edward Yau Tang-wah expects; and it looks like he will get it, too.


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My Take

Bosses at Ocean Park must pay for mess

Ocean Park is suffering a drop in visitors. Photo: Martin Chan

Is Ocean Park a ‘failed business’? Bosses reveal they have just HK$400 million in the bank, but owe HK$5.97 billion, and want billions more for rebuild

Ocean Park bosses have revealed the parlous state of finances at the Hong Kong theme park. Photo: Martin Chan

Lawmaker Regina Ip Lau Suk-yee meets the media at the China Overseas Building in Wan Chai. 08JUL19 SCMP / Sam Tsang

Aerial drone view of Ocean Park, Aberdeen. 12DEC18 SCMP / Roy Issa

Ocean Park bailout plan by Hong Kong government will help fund attraction’s revival, not just ‘stop the bleeding’, tourism commissioner says

The theme park in Aberdeen is hoping to secure a massive rescue package from the government. Photo: Sam Tsang

Ocean Park is empty due to bad business affected by recent months of anti-extradition bill protests. 09SEP19 SCMP / Winson Wong

Hong Kong government unveils HK$10.6 billion plan to bail out ailing Ocean Park, in expansion that will create new themed zones and attractions

The Grand Aquarium at Ocean Park. Photo: Winson Wong

Few visitors at Ocean Park, Aberdeen. 11DEC19 SCMP / Sam Tsang

Ocean Park is empty due to bad business affected by recent months of protests. 09SEP19 SCMP / Winson Wong

Ocean Park to launch HK$100 million light show in bid to boost business amid tourism downturn

Ocean Park’s Gala of Lights. Photo: Xiaomei Chen

Opinion

Comment


Time has come for a senior management overhaul at Hong Kong theme park, which is billions of dollars in debt and now expects the government to bail it out



Ocean Park

Expresses the views, ideas and conclusions of the author. (Eg. Enough of Crazy Rich Asians, think of crazy poor Hongkongers.)


Column

My Take | Bosses at Ocean Park must pay for mess

Time has come for a senior management overhaul at Hong Kong theme park, which is billions of dollars in debt and now expects the government to bail it out