Hong Kong Disneyland Resort has recorded its first profit in 10 years, buoyed an influx of Chinese mainland and overseas arrivals as well as the continued strong growth of local customers.

The resort announced its results for the 2024 fiscal year on Tuesday, performing a sharp turnaround with a net profit of HK$838 million ($107.4 million), following a loss of HK$356 million last year. Revenue increased 54 percent year-on-year to HK$8.8 billion, also setting a new high since its opening in 2005.

The total number of visitors to the park reached a record high of 7.7 million, and per capita consumption increased 28 percent. The overall occupancy rate of the park’s three theme resort hotels increased by 26 percentage points to 73 percent.

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The resort emphasized that the growth in the number of non-local visitors has outperformed the growth in the overall number of visitors to Hong Kong for the second consecutive year.

In the 2024 fiscal year, Hong Kong Disneyland Resort began to repay the loans provided by the government of Hong Kong Special Administrative Region and the Walt Disney Company. As of the first quarter of the 2025 fiscal year, more than 60 percent of the loan amount had been repaid.

“The resort achieved its best performance for the last financial year since its opening, despite the challenging market conditions,” said Michael Moriarty, managing director of Hong Kong Disneyland Resort, adding that the resort will celebrate its 20th anniversary in June, while making solid plans for future growth.

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Jefferies equity analyst Thomas Chong forecast strong travel demand originating from the mainland, driven by young people with wanderlust as well as retirees with the money, energy and curiosity to explore the world, together with a relaxation in travel restrictions.

“Consumption in 2025 will likely fare better than last year, though only slightly. We think private consumption will see a recovery to 2 percent. Nominal retail sales growth should recover to 3.1 percent this year,” said Adam Samdin, assistant economist at UK-based think-tank Oxford Economics.

Samdin argued that although tourism business receipts in Hong Kong have been flat since 2023, tourism inflows are seemingly stabilizing at a lower ceiling than before, so that a mild recovery in tourist spending can be expected.

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Having opened in 2005, Hong Kong Disneyland Resort is the world’s fifth Disney theme park consisting of seven themed areas and three theme resort hotels. The resort is owned by a joint venture company formed by Hongkong International Theme Parks, the Hong Kong SAR government and the Walt Disney Company, with the SAR holding 52 percent of the company’s shares at the end of the 2022 financial year.