Ocean park

Ocean Park sees revenue drop 45% due to pandemic constraints

Ocean Park suffered a loss of HK$1.11 billion for the year ended June 30, while visitor numbers fell to 1.4 million as the park remained closed for more than five months. In fiscal year 2020-21, the park lost a net amount of HK$1.11 billion before government financial support of HK$1.45 billion received during the fiscal year . Park revenue dropped significantly to HK$393.6 million from the prior year, equivalent to a 45% decline. Due to the pandemic, the number of visitors fell by 36% to just 1.4 million in the same fiscal year.

Ocean Park said that, in accordance with government mandates, it closed for 40% of the fiscal year or 146 days between July 1, 2020 and February 17, 2021, completely cutting off its source of revenue from visitors. Ocean Park reopened on February 18, 2021 with reduced capacity due to government measures, relying heavily on local visitors as Hong Kong has received few visitors since the outbreak of the pandemic.

According to the Hong Kong Tourism Board, only 63,000 visitors visited Hong Kong from January to September this year, down 98.2 percent from a year earlier.

“Despite a continued challenging operating environment, we creatively redesigned the Ocean Park experience and experimented with new concepts that leveraged the endless potentials of the park’s unique setting. Equally encouraging has been the extraordinary conservation and education work our team has done amid various COVID-19 related restrictions,” said Ivan Wong Chi-fai, CEO of Ocean Park Corporation.

The park changed its strategy amid the pandemic. Recently, Ocean Park launched its Green Staycation program, allowing visitors to practice yoga, hike and enjoy glamping on site, providing new experiences for visitors to generate income.

In August, Ocean Park issued a pre-qualification invitation as part of the first phase of a sourcing exercise to solicit potential partners to co-develop the park through a build-operate-transfer model. The pre-qualification exercise will help pre-qualify respondents for the bidding process, maintaining a manageable number of bidders while ensuring they share Ocean Park’s vision for future development , conservation and education, as well as having the conditions required to deliver the development proposals of the future strategy.

The bidding phase will begin in late 2021 or early 2022. Ocean Park aims to build a community of partners who share its vision for conservation and education and execute its future strategy.

Also in September, it officially opened Water World as park management and the Hong Kong government hoped the site would become a favorite leisure destination for locals and international visitors in years to come. As part of Ocean Park’s revamp, the park said Water World’s unique location and concept make it “the only water park in Asia that combines stunning ocean and landscape views.”

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