Disneyland

HONG KONG DISNEYLAND

ANNUAL BUSINESS REVIEW

FOR THE FISCAL YEAR 2014

KEY HIGHLIGHTS



Hong Kong Disneyland’s (“HKDL”) attendance and guest spending for fiscal

20141 were the highest in the resort’s history, marking its fifth consecutive

year of record performance.



During the year, the resort reached a significant milestone when it welcomed

its 50 millionth guest since its grand opening in 2005.



The resort generated record revenues of HK$5,466 million, up 12% from prior

year, and record net profit of HK$332 million, up 36% from prior year.



HKDL remains focused on growing its business and establishing its brand as

the premier vacation, entertainment and convention destination in the region.

The resort continues to plan and roll out new entertainment offerings and

attractions following the successful completion of the expansion of three

themed areas with the opening of Mystic Point in May 2013. In October 2014,

HKDL launched “Disney Paint the Night”, the first ever fully LED nighttime

spectacular. Other offerings to be rolled out include the upcoming 10th

anniversary of HKDL in late 2015, a new themed area based on Marvel’s Iron

Man franchise that is currently under construction and is targeted to launch in

late 2016, and a new 750-room resort-style hotel that is also under

construction and targeted to open by early 2017.

BUSINESS OVERVIEW

HKDL develops and operates the Disney-branded theme park, themed hotels and

associated complex and infrastructure on Lantau Island in Hong Kong. HKDL is

owned by Hongkong International Theme Parks Limited (“HKITP”), a joint

venture between the Government of the Hong Kong Special Administrative

Region (“HKSARG”) and The Walt Disney Company (“TWDC”), and is

managed by Hong Kong Disneyland Management Limited, which is wholly

owned by TWDC. As of the end of fiscal 2014, HKSARG owns a 52% majority

interest in HKITP, with TWDC owning the remaining 48%.

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The fiscal year is from October to September and ends on the Saturday...