The opening of US entertainment giant Walt Disney Co’s first theme park in China has been delayed until early 2016, Disney said on Tuesday.
Chief executive Robert Iger said the delay would push the debut of the Shanghai version of the Magic Kingdom from later this year to spring 2016. No reason for the delay was given.
The English-language China Daily newspaper reported last month that there might be “some difficulty” with an opening this year. Disney and its Chinese partner, Shanghai Shendi Group (上海伸地集團), broke ground on the park in April 2011.
Photo: AFP
The park is to be Disney’s third in Asia, after Hong Kong and Tokyo. Disney has parks in California and Florida, as well as near Paris.
A partially completed hotel, castle and artificial mountain were visible within the tightly guarded site on Monday, Agence France-Presse journalists saw.
Last week, Shanghai Mayor Yang Xiong (楊雄) said the basic construction of the park and other facilities would be completed this year.
“As for the exact opening date, I guess we still need to do more preparatory work and have further discussions with the Walt Disney Co, as well as other Chinese partners,” Yang said.
Revenue from Disney parks and resorts rose 9 percent to US$3.9 billion in the final three months of last year, as more people visited its California and Florida properties than in any quarter and spent more money there.
In an interview with CNBC, Iger said the entertainment company is seeing no discernible impact on attendance or bookings from the international measles outbreak linked last month to Disney’s southern California parks.
Iger did say that parents with children under the age of inoculation should be cautious about bringing them to any large public place like Disneyland, including using mass transportation and attending movie theaters.
Strong results from the parks, Disney Channels and sales of Frozen merchandise drove earnings up 19 percent, the company said. The firm’s profit and revenue topped expectations for the first quarter, it added.
The Burbank, California-based company earned US$2.24 billion, or US$1.27 per share, topping the US$1.08 per share average estimate of analysts surveyed by Zacks Investment Research.
Revenue rose 9 percent to US$13.39 billion in the period, also exceeding Wall Street forecasts of US$12.85 billion, according to Zacks.
Shares rose US$3.65, or 3.9 percent, to US$97.75 on Tuesday during aftermarket trading in the US, after closing up 2.4 percent at US$94.10 before the report. The stock has been trading near its all-time high of US$96.43.
Additional reporting by AP
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