Hong Kong’s Ocean Park hanging on by its government lifeline after revenues fall 59 per cent, operating deficit doubles
- The already-ailing attraction was further pummelled by extensive pandemic-related closures and months of anti-government protests
- However, a massive government bailout, which included billions to pay off debts, allowed the park to end the financial year with a surplus
The report, released on Wednesday, showed Ocean Park’s deficit for the year ending on June 30 had risen to HK$1.17 billion (US$151 million) from HK$588.1 million the previous financial year.
However, thanks to a multibillion-dollar government lifeline extended to the ailing attraction in May, the park was able to pay off massive debts, and end the financial year with a net surplus of HK$1.92 billion.
The theme park recorded 2.2 million visitors in the 12 months to June 30, down over 61 per cent from the previous year under the double whammy of the coronavirus pandemic and last year‘s social unrest.
The park was forced to shut down twice – closing for a total of 139 days – during the last financial year due to the government‘s social-distancing rules. More recently, it was asked to close a third time on December 2, and remains shut until further notice.
