In the 2023-24 fiscal year, Ocean Park experienced a substantial 41 percent increase in total revenue, reaching HK$1.18 billion. This surge was largely driven by a 54 percent growth in admission income, indicating a strong resurgence in visitor interest. The park welcomed approximately 3.14 million guests, a 33 percent increase compared to the previous year. Notably, visitors from the mainland, India, and the Philippines contributed significantly to this growth, reflecting a broader trend of increasing tourism in the region.
Merchandise and catering revenues also saw impressive gains, with merchandise sales rising by 27 percent and catering income increasing by 32 percent. These figures suggest that not only are more people visiting the park, but they are also spending more during their visits, which is a positive sign for the park’s overall financial health.
Financial Deficit Amidst Growth
Despite the positive trends in revenue and attendance, Ocean Park’s financial results reveal a more complex picture. The reported deficit of HK$71.6 million highlights the challenges the park faces in achieving profitability. Even when excluding government subsidies and depreciation, the net operating loss narrowed to HK$297 million, marking a third consecutive year of improvement in this area. This suggests that while the park is generating more revenue, it is still grappling with significant operational costs.
The park’s management attributes this ongoing loss to the need for continued investment in infrastructure, maintenance, and staffing to support the growing number of visitors.
As of June 30, Ocean Park reported a cash balance of approximately HK$1.66 billion, providing a cushion for future operations. This financial buffer is crucial as the park navigates the uncertainties of the external economic environment. Chairman Paulo Pong expressed a commitment to pursuing diverse revenue sources and improving financial performance over the medium to long term.
