Hong Kong Disneyland finally turns a profit

Fiscal year 2012 attendance likely to top 5.9 million.

“The Happiest Place on Earth" has the unending wave of mainland Chinese to thank for its first profitable year since it opened in 2005.

Attendance at Hong Kong Disneyland rose to 5.9 million for fiscal year 2011 from 4.5 million in 2008. Indications point to a better year in fiscal 2012 that ended in September. Sources said the park will also post a profit for Fiscal 2012.

Analysts said the percentage of mainland visitors rose to 45% of total attendance in fiscal year 2011 up from 34% in 2006. In the same period, the percentage of local visitors dropped to 31% from 42% while international visitors held steady at around 24%.

Analysts have attributed the weak financial performance to the Hong Kong park's size—the smallest of all of Disney's global theme parks. The opening of the far larger Shanghai Disneyland Park is expected to draw mainland visitors away from Hong Kong Disneyland.

Located in Pudong, Shanghai Disneyland Park will open in December 2015. Its area of some 960 acres is thrice that of Hong Kong Disneyland.

A Hong Kong government spokesman said Hong Kong Disneyland investors are discussing plans to build new hotels at the Disney resort in addition to the current two to attract more international tourist traffic. The park is now being expanded and will add three new themed lands.