Subscribe and receive the latest news from the industry Article
Join 62,000+ members. Yes, it's completely free.
April 6, 2018
The Walt Disney Company and its joint venture partner in China, the Shanghai Shendi Group, are making an additional investment to accelerate the expansion of the Shanghai Disney Resort.
“Since we first broke ground in Shanghai (in 2011), we’ve been very impressed with the growth of China’s economy, especially the rapid expansion of the middle class and the significant increase in travel and tourism,” says Robert A. Iger, chairman and chief executive officer, The Walt Disney Company. “Our accelerated expansion, including additional attractions and entertainment, will allow us to welcome more guests for a spectacular Disney experience on opening day.”
The increased investment of approximately 5 billion yuan (U.S. $800 million) will be used primarily for additional attractions, entertainment and other offerings to increase capacity at the theme park. The majority of these additions are targeted to be completed for opening day, which is set for the end of 2015.
“Like all of our parks, Shanghai Disney Resort was designed to expand over time, and this investment allows us to bring some of those additions online earlier,” says Thomas O. Staggs, chairman, Walt Disney Parks and Resorts. “The expansion underscores the tremendous opportunity we see in Shanghai and demonstrates our long-term commitment to and confidence in China.”
Shanghai Shendi Group will continue to hold 57 percent of the shares of the owner companies while Disney will hold the remaining 43 percent. Additionally, Disney is the majority shareholder in the management company responsible for creating, developing and operating the resort.
You May Also Like
Wyncor Appoints Sales ExecutivesFeb 21, 2024
Coty and Etro Embark on New License AgreementFeb 21, 2024
Pudgy Penguins Expands Toy Collection in WalmartFeb 21, 2024
Star Wars and Heroes & Villains Announce New ApparelFeb 21, 2024