Hong Kong Disney to attract 1.5 million extra tourists

Speaking at the opening of the "Preparing for Hong Kong Disney" conference, Tsang said this figure would rise to 3 million tourists within 15 years, creating tens of thousands of jobs and boosting Hong Kong's position as Asia's number one tourist spot. "I have absolutely no doubt that Hong Kong Disneyland will be a tremendous asset for our community," Tsang told visiting Disney executives and tourism representatives at the conference. "Additional spending by tourists should amount to 1.08 billion U.S. dollars in the first year of operation, rising to 2.18 billion a year after 20 years."

The two-day conference, organised by a consultancy and partly sponsored by the government, is aimed at addressing issues arising from the project such as environmental impact, marketing and developing the tourism industry. The goverment formed a joint venture with Disney last November to build the theme park on 126 hectares of land in Penny's Bay, Lantau.

The deal gives Hong Kong government a 57 per share in return for an investment of 2.86 billion dollars, which includes 1.8 billion worth of infrastructure projects at the site and a 727 million dollar loan. "This is a very large investment in Hong Kong terms. But it will deliver a far greater dividend in return," Tsang told the conference. The government has predicted that the park stands to make a 19.2 billion dollar profit in the first 40 years - a figure disputed by independent financial experts who claim it is too optimistic.

(la/dpa)