The Hong Kong authorities will present one other $361 million (HK$2.8 billion) to rescue metropolis’s troubled Ocean Park, which has seen losses elevated by the impact of COVID-19. The enterprise is to be reworked from a standard theme park right into a journey vacation spot and marine conservation hub that may be financially self-sufficient.
The park will obtain a one-off injection of $251 million (HK$1.67 billion) as working capital. A additional $144 million (HK$1.12 billion) can be offered to run the park’s conservation and education schemes for 4 years, the federal government introduced on Monday.
The 44-year-old park, which operates as a not-for-profit group, has been in loss for the previous 4 years. Working to just one third of capability throughout 2020 because of social distancing necessities pushed it additional into the pink. The federal government beforehand provided $696 million (HK$5.4 billion) of loans, however the cash was solely anticipated to final till mid-2021. Reimbursement has been pushed from this 12 months till 2028, and curiosity has been waived.
The redevelopment plan requires Ocean Park to diversify its income, and its all-inclusive ticketing mannequin is to be shelved, in line with Secretary for Commerce and Financial Growth Edward Yau.
“[The park is to be] a vacation spot, a resort. It should now not be only a theme park about rides and pandas,” Lau stated.
A part of the positioning can be opened for public entry and developed right into a retail, eating and leisure space, that earns rental revenue for the park from third get together suppliers, defined park chairman Lau Ming-wai. Music and cultural performances can be staged at a yet-to-b-built new venue.
A number of older rides can be retired, whereas some new replacements could also be offered by third personal sector gamers. Park guests can be charged per trip below the brand new enterprise mannequin, and package deal offers providing a number of sights can be made out there.
A mega water park that includes 27 indoor and out of doors water sights is scheduled to open by late summer time, depending on the pandemic scenario.