Word: disneying
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...Disney officials wouldn't say when the park will open or how much it will cost. The company stated in a press release that the Shanghai park will include "characteristics tailored to the Shanghai region," but a spokesperson declined to elaborate on what types of rides or attractions might be on offer. The Shanghai government has already reserved an estimated 1,000 acres near Shanghai's international airport in the city's Pudong district...
...Some speculate that the Chinese government's sudden announcement that Disney could go ahead may be timed to precede U.S. President Barack Obama's first visit to China Nov. 15-18, which will include a stop in Shanghai. "It's a huge investment," says Shaun Rein, managing director of China Market Research Group in Shanghai. "By allowing this now, it gives face to Obama and really shows that China and the U.S. need to work together to get out of this financial malaise...
...Although theme parks made up less than a third of Disney's total revenue of $38 billion last year, Shanghai Disneyland still figures to be a key addition to the business because it will boost the company's visibility in one of the world's fastest-growing markets. Due to government rules aimed at protecting the public from what are perceived to be unwelcome foreign cultural influences, awareness of the Disney brand in China lags that of the rest of the world. Unlike in the U.S., where Disney operates a 24-hour TV channel and radio station, the company...
...from the former British colony, which is part of China but has a semi-autonomous government (mainland tourists must obtain visas to visit Hong Kong). Since opening four years ago, Hong Kong Disneyland has underperformed due to its small size - at 300 acres, it's the smallest of any Disney park - as well as high ticket prices and competition from a nimble competitor called Ocean Park. (Read "The Fifth Happiest Place on Earth...
...Disney has also made several market miscalculations. Analysts say the company, in trying not to make the same mistakes it did at its Paris resort by failing to tailor the Disney formula to local tastes, may have gone overboard in its efforts to adapt the Hong Kong venue to Chinese customers. For example, the park's restaurants originally planned to serve shark's fin soup, a Chinese delicacy, until environmentalists protested. But the biggest knock against Hong Kong Disneyland - of which the Hong Kong government owns 57% - is a lack of attractions. In July, Disney and the government moved...