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Fri March 05 2021

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Disney to spend $800m speeding up Shanghai expansion

29 Apr 14 The Walt Disney Company has reached an agreement with its joint venture partner in China to accelerate the expansion of Shanghai Disney Resort.

The increased investment of approximately CNY5bn (US$800m) will be used primarily for additional attractions, entertainment and other offerings to increase capacity at the theme park, with the majority targeted to be completed for opening day.

Shanghai Shendi Group will continue to hold 57% of the shares of the owner companies while Disney will hold the remaining 43%. Financing of the additional investment will be proportionate to ownership.

“Since we first broke ground in Shanghai we’ve been very impressed with the growth of China’s economy, especially the rapid expansion of the middle class and the significant increase in travel and tourism,” said Robert Iger, chairman and chief executive officer of the Walt Disney Company. “Our accelerated expansion, including additional attractions and entertainment, will allow us to welcome more guests for a spectacular Disney experience on opening day.”

“Like all of our parks, Shanghai Disney Resort was designed to expand over time, and this investment allows us to bring some of those additions online earlier,” said Thomas Staggs, chairman of Walt Disney Parks & Resorts. “The expansion underscores the tremendous opportunity we see in Shanghai and demonstrates our long-term commitment to and confidence in China.”

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