Attendance and revenue rise but deficit remains for Ocean Park Hong Kong

While Ocean Park is expecting their recently arrived giant pandas to have a marked impact on their fiscal year 2024–2025, the Park’s financial results for 1st July 2023 to 30th June 2024 shows a US$9.2million deficit.

This is despite Ocean Park Hong Kong’s attendance and revenue reaching a five-year high.

In Ocean Park Corporation’s results for the financial year 1st July 2023 to 30th June 2024, revenue increased by 41% year-on-year to HK$1.181 billion. Visitor numbers grew by 33%, from 2.36 million to 3.14 million.

The theme park’s US$9.2 million deficit included operating costs rising by 17% year-on-year and spending on conservation and education having reached US$56 million, accounting for nearly 30% of the total operating costs.

The South China Morning Post is reporting that this year’s loss was partly due to the park not receiving a US$73 million government grant, which was provided the previous financial year.

Paulo Pong, chairman of the board of Ocean Park Corporation noted “Despite the ongoing challenges in the market following the pandemic, Ocean Park Corporation has seen significant growth in both visitor numbers and revenue, with a continuous influx of visitors.

“We will continue to pursue diverse revenue sources and aim for continued improvement in our financial performance over the medium to long term, despite prevailing external economic uncertainties.

“Through our operating income, we seek to contribute to society, future generations, and environmental conservation, thereby reducing reliance on public finances.”

In a statement, Ocean Park Corporation said it is effectively implementing a US$876 million redevelopment plan announced in 2021. This involves transforming the site into a resort destination with a focus on adventure, conservation and education.

The new adventure zone is due to open in 2028 with Ocean Park advising the new area is expected to attract a broader visitor demographic.

Pong added “as a non-profit organisation, Ocean Park Corporation plays many roles in Hong Kong. Not only are we an important tourist destination, but also an essential driver of conservation and education.

“Additionally, we are committed to promoting the integrated development of tourism, culture and sports.

“For the fiscal year 2024–2025, we will capitalise on the presence of six giant pandas in the park to drive citywide excitement, thereby increasing visitor numbers and revenue while promoting panda tourism and ecological conservation in Hong Kong.”