Pandas Can't Save Hong Kong's Ocean Park Long-Term

The Struggles and Hopes of a 48-Year-Old Theme Park

The 48-year-old theme park has faced another year of financial difficulties, despite an increase in the number of visitors. This situation has forced the park to consider significant changes to ensure its survival in the long term.

The expanded giant panda family at Ocean Park has brought joy and warmth to many people. While the pandas have successfully attracted more visitors from various parts of the world, boosting revenues for the financially struggling theme park, this success alone is not enough to save the declining attraction in the long run.

In the 2024-25 fiscal year, the 48-year-old brand saw a 10% increase in visitors, reaching a total of 3.46 million. Locals made up the majority of these visitors, with a 9% rise to 2.21 million, which accounts for nearly two-thirds of the total attendance. The remaining visitors came from other regions, including mainland China, the United States, Australia, and India, with a 12% increase to 1.25 million.

Revenue also increased by 9% to HK$1.28 billion (US$164.7 million). In-park spending rose significantly by 35% to HK$110.6 million, while merchandising income grew by 20% to HK$172.5 million.

Despite these positive numbers, the park's deficit has worsened, reaching HK$274.7 million in the 12 months ending June 30, compared to HK$71.6 million in the same period the previous year. This increase is due to higher expenses such as depreciation and losses from the Water World attraction, which recorded a deficit of HK$148.3 million from operations. The park has acknowledged the gap between the concept and the actual performance of the Water World facility and has not ruled out the possibility of the government taking over the attraction to help reduce the deficit.

Facing Pressure to Reimagine the Park

With a growing deficit, the theme park is under increasing pressure to reinvent itself in a competitive leisure and entertainment market. While the arrival of four giant pandas—two born locally and two gifted from mainland China—provided a temporary boost last year, the excitement around the pandas will eventually fade.

Like other tourist attractions, the theme park must rely on innovation and appeal to thrive. This means reimagining itself to reach a broader audience. However, this is no easy task given the financial constraints and the rising competition in the tourism industry. As a home-grown brand with strong local support, the park needs more attractions and cannot depend solely on pandas for its survival and future growth.

The Need for Diversification

To remain relevant, the park must explore new ways to engage visitors and generate revenue. This could involve introducing new attractions, enhancing existing ones, or leveraging technology to create unique experiences. Diversifying its offerings will be crucial in attracting both local and international tourists.

Additionally, the park should consider partnerships and collaborations with other businesses or organizations to expand its reach and resources. These efforts can help in creating a more sustainable business model that is less reliant on any single attraction or event.

Looking Ahead

The challenges facing the theme park are significant, but there are opportunities for growth and renewal. By focusing on innovation, diversification, and community engagement, the park can position itself for a more secure and prosperous future. The journey ahead will require careful planning, strategic investments, and a commitment to meeting the evolving needs of its visitors.