Hong Kong, Disney To Hold Talks On HK Disneyland Expansion

The Hong Kong government plans to hold talks with Walt Disney Co. (DIS: Quote) on further expanding the Hong Kong Disneyland theme park to twice its present size. The move is part of the government's efforts to boost tourism and propel overall economic growth.

Financial Secretary John Tsang said in his budget speech that the second-phase development area of Hong Kong Disneyland Resort will cover an estimated area of 60 hectares and be about the same size of the first phase. It will have attractions, hotel development and retail facilities.

The Disneyland theme park in Hong Kong is owned 52 percent by the Hong Kong government, while the remaining 48 percent stake is owned by Disney.

Over the years, Hong Kong Disneyland has become an integral part of Hong Kong's tourism offerings and played a pivotal role in boosting tourism. Tourism accounts for 5 percent of Hong Kong's GDP.

Since its opening in 2005, the theme park's total attendance has reached more than 50 million visitors.

According to statistics by the Hong Kong Tourism Board, visitors to Hong Kong exceeded 60 million in 2014, representing an increase of 12 percent over the prior year. Total spending rose 9 percent to more than 350 billion Hong Kong dollars.

Set against lush green hills with spectacular views of the South China Sea, the Hong Kong Disneyland Resort features a Magic Kingdom-style theme park, two hotels and recreation facilities imbued with Disney's characteristic creativity and innovation.

Hong Kong Disneyland will hold its tenth anniversary celebrations this year.

This will be followed by the opening of Disney's first Marvel-themed area in late 2016, offering the 3-D motion-based simulator attraction Iron Man Experience, an Iron Man Meet-and-Greet area, and Marvel-themed merchandise shop. The Disney Explorers Lodge will be opened in 2017.