Expansion of Shanghai Disney Resort to be Accelerated to Increase Park Capacity
The Walt Disney Company has reached an agreement with its joint venture partner in China to accelerate the expansion of the Shanghai Disney Resort.
The increased investment agreement with Shanghai Shendi Group will be used for attractions, entertainment, and other offerings to increase capacity at the theme park. Most of the additional construction should be completed by opening day.
"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," said Thomas O. Staggs, chairman of 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."
The accelerated expansion comes during a boom in China's travel and tourism market, and the travel market is expected to grow 34 percent through 2015.
The Shanghai Shendi Group will hold 57 percent of the shares of the owner companies and Disney will hold the remaining 43 percent. Disney is also the majority shareholder in the management company that is responsible for creating, developing, and opening the Shanghai Disney Resort.
The resort is scheduled to open at the end of 2015.
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Kristen K. wrote on Wed, 05/14/2014 - 15:29:
Cool! It's good to hear that even though this park hasn't yet opened that they're getting positive reactions and greater investments put in.
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