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
- Blueprint will transform park into an adventure-themed resort, grounded in nature, with seven new zones and 20 attractions over the next seven years
- Park blames poor performance on ongoing civil unrest roiling city
Hong Kong’s government has unveiled a HK$10.64 billion (US$1.4 billion) plan to bail out the financially strapped Ocean Park, with its chairman making an emotional plea for public support.
The expansion plan will create seven zones and 20 attractions over the next seven years. More than 10 existing popular attractions will be upgraded or re-themed, while some current ones will be demolished.
The park warned at a press briefing that its coffers would dry up this year without any fresh capital amid an expected cash flow deficit of more than HK$600 million in the 2019/20 financial year. It also said it would not be able to repay HK$2.3 billion in commercial loans within the next two years.
The park also owes the government HK$3.67 billion in loans which were used for financing the construction of two hotels and a water park, with the money to be repaid in 2021. Its cash balance will be depleted this year if it fails to obtain any extra funding.
