July 3, 2009
Hong Kong’s Disney theme park to expand
HONG KONG
Hong Kong’s government and the Walt Disney Co. have reached a deal to expand the territory’s struggling Disneyland theme park at a cost of about US$465 million.
Hong Kong officials announced the deal Tuesday. The expansion is expected to take five years, adding another three themed areas.
Government officials say Disney will contribute all the capital for construction and the park’s operation during the building phases.
Disney will also convert into equity about US$350 million in loans to the venture to help with funding.
Associated Press
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