WALT DISNEY - HONG KONG AND DISNEY PLAN $465-MILLION DISNEYLAND EXPANSION

HONG KONG AND DISNEY PLAN $465-MILLION DISNEYLAND EXPANSION

Hong Kong and the Walt Disney Co. have agreed to give the struggling Disney theme park Hong Kong Disneyland an infusion of about $465 in cash in hopes of revitalizing the park with new attractions. As part of the deal, Disney has agreed to convert into equity about $350 million in loans to the venture as well as maintain a $40-million credit facility. As a result, Hong Kong's total stake is expected to fall from about 57 percent to 52 percent. The expansion plan, reportedly in the works for two years, calls for the construction of 30 new attractions and the addition of three new theme areas, Grizzly Trail, Mystic Point, and Toy Story Land, that will enlarge the park by about 25 percent.

13/07/2009