Biggest Overseas Investment for Disney's Fairytale New Theme Park
As many of you know a Disney Park is not accesible for everyone, but this theme park version is targeting middle class and other domestic tourism. The investment made from Walt Disney Co was none other than the largest overseas investment, with US$5.5 billion.
Photo credit: Bloomberg
Disney is planning a three-day event to mark the opening of the park next month, which is going to include a red carpet premiere of its Lion King Broadway musical, the first time the production will be performed in Mandarin.
The opening gala - meant to be a bonanza of fireworks, live music and dance - was rained off on Wednesday night, while at Disney's park in Orlando, Florida, a young boy was grabbed by an alligator and killed.
The Walt Disney Company expects the sum of 330 million visitors from a 300 km radius of Shangai. One of its concerns would be the skepticism that Chinese culture has over the American, since they believe it could step on the icons, traditions, and own values they have.
Disney will be sharing the profits with its joint venture partner Shendi Group* which is actually owned by the state. Shendi, after negotiations with CEO Bob Iger and team, holds a 57% stake.
*Shendi is a consortium controlled by four large government-owned companies: Shanghai Media Group; hotelier Jin Jiang International, controlled by the city of Shanghai; supermarket-to-department store operator Bailian Group, and property developer Lujiazui Development Group.