TravelNews

[Travel News]: Hong Kong’s Ocean Park seeks HK$2.8 billion to survive

TheTourAttraction.com aims to provide the latest global travel and free travel news, travel and visa policies, and flight information. We hope to provide insights into tourism market, technology and development trends with everyone by providing the latest relevant information. Despite the raging COVID-19 epidemic in 2020, we always firmly believe that mankind will overcome the disease and the tourism market will definitely recover. TheTourAttraction.com look forward to your attention and support, and witness the development of the global tourism industry with us. Looking forward to the information TheTourAttraction.com provide can help you. We will continue to follow up and obtain the latest data, and look forward to your attention and support.

The following is the [Travel News]: Hong Kong’s Ocean Park seeks HK$2.8 billion to survive from [SCMP] recommended by TheTourAttraction.com:

The government will also ease the park’s debt burden by waiving interest payments on two loans totalling HK$5.4 billion that are due in September.

Hong Kong’s embattled Ocean Park, which is seeking HK$2.8 billion in fresh government funding to stay afloat and launch new initiatives, plans to revamp its business model by charging fees for individual attractions and offering free access to a retail, dining and entertainment zone.

Confirming the Post’s earlier reports, the park and government on Monday revealed the city would grant the resort HK$1.67 billion (US$215.3 million) in working capital and another HK$1.12 billion for organising conservation and education activities. The latter amount will be spent over the next four years.

The government will also ease the park’s debt burden by waiving interest payments on two loans totalling HK$5.4 billion that are due in September.

The overhaul will see the 44-year-old park position itself as a platform for outsourced entertainment, and a financially self-sufficient leisure and retail destination, with more than half of its near 1 million square feet to be offered to various service providers, according to a source.

Its new HK$4 billion all-weather mega water park, which was expected to be ready for use around August, would charge users separately, Ocean Park chairman Lau Ming-wai said.

Secretary for Commerce and Economic Development Edward Yau Tang-wah said Ocean Park was key to the development of a new Southern district tourism hub – the Invigorating Island South project – and the government would support the one-off funding to keep it alive.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button