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Ocean Park ups and downs, only seven years of surplus 120 million, loss of 600 million typhoon epidemic has become a desperation

2020-05-11T15:54:05.543Z


The new coronavirus (COVID-19) epidemic has affected all industries in Hong Kong. Ocean Park has been closed since January 26, 2020. The government today (11th) stated that it is necessary to take financial measures to temporarily fund its operations and avoid liquidation in June. Crisis. According to the data of the past 10 years, Ocean Park was a turning point in 2015/16. All aspects of the data showed a downward trend. The loss in 2018/19 has been expanded to 555.3 million yuan, the overall revenue is only 1.734.9 million, and the number of visitors fell To 5.7 million passengers. At that time, Li Shengzong, Chief Executive Officer of Ocean Park, pointed out that the super strong typhoon Mangosteen damaged many park facilities, resulting in a substantial increase in facility repair and maintenance expenses, and thus recorded losses.


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Written by: Ouyang Dehao

2020-05-11 23:43

Date of last update: 2020-05-11 23:48

The new coronavirus (COVID-19) epidemic has affected all industries in Hong Kong. Ocean Park has been closed since January 26, 2020. The government today (11th) stated that it is necessary to take financial measures to temporarily fund its operations and avoid liquidation in June. Crisis.

According to the data of the past 10 years, Ocean Park was a turning point in 2015/16. All aspects of the data showed a downward trend. The loss in 2018/19 has been expanded to 555.3 million yuan, the overall revenue is only 1.734.9 million, and the number of visitors fell To 5.7 million passengers. At that time, Li Shengzong, Chief Executive Officer of Ocean Park, pointed out that the super strong typhoon Mangosteen damaged many park facilities, resulting in a substantial increase in facility repair and maintenance expenses, and thus recorded losses.

The ocean cash reserve is almost exhausted. If there is no new financial support, it is expected to go bankrupt in June this year. (Profile picture / Photograph by Gao Zhongming)

The number of attendees and income in the early 10s have hit record highs, with an estimated loss of 600 million in 2020

According to the information of Ocean Park in the past 10 years, during the operation of former chairman Sheng Zhiwen and chief executive Miao Lewen, the number of visitors and overall income have been steadily increasing. Among them, the number of visitors reached the peak in 2012/13, recording 7.7 million passengers, the highest since the opening in 1977; the following year also recorded 7.6 million passengers, the second highest ever.

In terms of overall revenue, it exceeded the 1 billion yuan mark for the first time in 2010/11 and climbed to a peak of 1968.6 million yuan in 2013/14. Although the number of visitors and overall income reached record highs, the surplus of the park has been declining. In 2015/16, after the SARS in 2003, it recorded a loss for the first time, at 241 million.

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Turning point in 2015/16

Sheng Zhiwen will not renew his chairmanship in 2014, and Miao Lewen will not renew his contract in 2016. After experiencing the peak, Ocean Park became a turning point in 2015/16, and various data showed a downward trend. The number of admissions has slowly declined from the peak to 5.7 million in 2019/19, which is less than the 5.9 million in 2010/11. In terms of overall revenue, it also fell to 173.49 million in 2018/19, a decrease of 233.7 million from the peak.

In addition, although the overall income continued to decline slightly for several years, Ocean Park began to record losses in 2015/16, reaching 241.10 million yuan. Since then, it has suffered successive losses. Ten thousand yuan.

Chief Executive Officer: It is estimated that this year's loss will exceed 600 million in June bankruptcy

Looking at the performance report of Ocean Park, Chief Executive Miao Lewen believed that the number of visitors to Hong Kong had declined in 2015/16, but the number of visitors from the mainland had fallen by double digits, which was a significant loss for the park. One of the reasons.

Subsequently, in 2016/17, the new Chief Executive Officer Li Shengzong pointed out that the South Island Line opened to traffic at the end of 2016, providing favorable conditions for the new development of the park and prudent financial management to deal with adverse market conditions.

After the South Island Line opened to traffic, it continued to lose money in 2017/18. Li Shengzong pointed out that the park has continued to make investments in various aspects, which has led to an increase in operating costs. In 2018/19, losses increased. Li Shengzong also pointed out that the super typhoon Mangosteen destroyed many park facilities, resulting in a substantial increase in facility repair and maintenance expenses.

As of this year, according to the "Finance Committee Discussion Paper", Ocean Park recorded only 1.9 million visitors from July to December 2019, a drop of more than 30% from the same period. Since the park closed on January 26, it has had no income for months, and taking into account the impact of social events (anti-revision demonstration conflicts), the estimated loss is more than 600 million yuan. The document also pointed out that due to the nearly exhausted cash reserves, if there is no new financial support, it is expected to go bankrupt in June this year.

The government intends to inject 5.42 billion into the Ocean Park or liquidate next month

The cash flow of the Ocean Park is less than the September rescue plan to be reduced to 5 billion and shelved to build seven major parks

Netizens in Ocean Park who are financially troubled or out of business don't sympathize and criticize them: Hong Kong people are in trouble, mainlanders are not in trouble!

New Crown Pneumonia in Ocean Park

Source: hk1

All news articles on 2020-05-11

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