How HK Disneyland Made Magic After Nearly a Decade in the Red

The theme park welcomed a record 7.7 million visitors in fiscal year 2024, and reported its highest net profit since it opened 20 years ago.

- Magdalene Fung

HONG KONG - Ms Raki Vega remembers the first time she heard Part Of Your World, the theme song from The Little Mermaid.

She was around eight years old and living in a nipa hut (stilt house) in Cebu, the Philippines, watching the animated film on a television in her neighbour's home.

It was her very first encounter with a Disney creation, and she was immediately enchanted.

"The song sung by Ariel (the protagonist in The Little Mermaid) really captivated me," Ms Vega told The Straits Times.

"I wanted to be like her, I wanted to be part of that world, too. I said to myself, I want to break out of this little island of Cebu and spread my wings and sing."

More than 30 years on, Ms Vega, 44, is living her childhood dream, belting out Disney classics daily at the "happiest place on earth".

The vocalist has been with Hong Kong Disneyland since 2010, after she won Philippine national reality singing competition Born Diva and was invited to audition for Disney.

"It's been absolutely magical," said Ms Vega, whose biggest performance in recent years was leading the chorus at the grand opening of the World of Frozen at the Hong Kong theme park at the end of 2023.

The World of Frozen attraction — the world's first entertainment zone inspired by Disney's popular animated film franchise Frozen — was instrumental in turning Hong Kong Disneyland's fortunes around.

After nine straight years of losses, the theme park in February reported a net profit of HK$838 million (S$145 million) for the 2024 financial year — its highest since it opened in 2005. Revenue was a record HK$8.8 billion.

Of the record 7.7 million visitors in the 2024 fiscal year, 22 per cent were foreign tourists, led by those from South-east Asia — especially the Philippines, Thailand and Singapore.

Disneyland's earnings accounted for 0.42 per cent of the city's 2024 gross domestic product.