Calling the US$5.5 billion project a “successful cooperation” between Shanghai and Disney, Chinese President Xi Jinping said he hoped the park would promote a global exchanges of culture, according to a letter from the leader that Vice-Premier Wang Yang read at the opening ceremony.
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The park – Disney’s first on the Chinese mainland – was held up as nothing less than a historic symbol of United States-China relations. The company added China-themed elements and put the emphasis on popular characters at the Shanghai park, while downplaying its American identity.
Under stormy skies, Disney opened a bright and shiny $5.5 billion theme park here Thursday, a bet on the increased spending power of the Communist country’s growing middle class.
Tens of thousands of guests entered Shanghai Disneyland on the opening day to explore the theme park’s attractions and live entertainment spectaculars – many being offered for the first time in a Disney theme park. Its most prominent rival is Wanda Group, which operates several theme parks across China.
On Tuesday, a 2-year-old boy was killed when an alligator dragged him into a lake at Florida’sWalt Disney World Resort.
The family plans to spend two days at the resort and Guan had carefully plotted a schedule on his smartphone, including seeing a performance of the Chinese-language version of “The Lion King”.
The Shanghai park could lose money for the first couple of years as it ramps up, but if can attract 18 million annual visitors, it should produce $150 million in earnings before interest, taxes and other items by 2018, Anthony Diclemente, an industry analyst at Nomura Securities, wrote in an investor note Wednesday. The new park could help Disney boost earnings and revenues in its parks and resorts business segment, as well as turn hesitant investors around, showing them that growth potential overseas is not as limited as they perceive it to be. “We didn’t just build Disneyland in China, we built China’s Disneyland”, he continued. Shanghai Disney Resort reflects Disney’s 60-year history of innovation, creativity and storytelling, in a way that is authentically Disney and distinctly Chinese. “We were at the park from 8 in the morning to 10 at night”. Disney World has rolled out new technology for visitors, who use wireless wristbands as admission passes and hotel room keys, and smartphone apps to order food.
On the face of it, Disney seems happy to go along with this idea.
The opening of the new park has been in a trial run since May, and Shanghai city officials issued a guide book for locals after they saw what officials called “uncivilized behaviors” inside the park, CNN reported.
This video includes clips from Disney and Walt Disney Studios / “Finding Dory” and images from Getty Images.
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Fireworks shot into the air and the gates were opened to the crowds outside – some of whom had been waiting since 3:45 a.m. Hong Kong’s government owns 53 percent of that park. A $465 million expansion including an Iron Man-themed area is set to open later this year. For example, while other Disneylands showcase a castle that guests walk through, the Shanghai park castle was designed with eating and retail space within them to meet Chinese expectations. The 963-acre facility is 57% owned by government-backed Shanghai Shendi Group.
