Ocean Park Corporation (the Corporation) announced its financial results and highlights for the fiscal year 2021–2022, ending on 30 June 2022, covering Ocean Park and Water World Ocean Park. Despite a challenging fifth COVID-19 wave, Ocean Park’s attendance numbers remained steady at 1.4 million, similar to the previous fiscal year. From its official launch on 21 September 2021 to the end of the fiscal year, Water World attracted 0.2 million visitors to its 27 enthralling outdoor and indoor facilities spanning five themed zones.
Notwithstanding the mandatory temporary closure of 105 days for Ocean Park and 128 days for Water World in compliance with government guidelines, Ocean Park’s year-on-year revenue increased by 15.6%. The Corporation’s year-on-year revenue increased by 38.5% while the revenue per capita grew by 21.2%. Also, the Corporation’s effort to streamline costs saw a HK$436.2 million surplus from operations inclusive of government funding.
Ocean Park Corporation recorded a deficit of HK$1,815.7 million for the fiscal year 2021–2022, though this was mainly due to HK$1,764.7 million of one-off impairment losses on the property, plant and equipment and right-of-use assets, and depreciation and other loss on disposal of property, plant and equipment and right-of-use assets of HK$513.7 million. The impairment losses, however, were only for book provision and had no impact on the Corporation’s cash flow. As at 30 June 2022, the Corporation held bank balances and cash of HK$1,311.6 million, indicating that it maintained a healthy cash position.
The opening of the 700,000 square feet Water World was a key highlight during the fiscal year 2021–2022 and a significant addition to Ocean Park’s total resort experience. As Asia’s first all-weather, year-round seaside park, it redefines the concept of water-based entertainment attractions. Water World offers unique experiences for local and overseas visitors and helps diversify the Corporation’s revenue streams.
The passage of the Ocean Park Corporation (Amendment) Ordinance 2021 is another key milestone that enabled the Corporation to play to its strength outside its premises. It paved the way for expanding the Corporation’s conservation, education, and recreational offerings in Hong Kong and other markets.
Ivan Wong Chi-Fai, Chief Executive of Ocean Park Corporation, said, “The fiscal year 2021–2022 was particularly challenging because of macroeconomic uncertainty, unfavourable geopolitical development, and the lack of inbound tourism due to COVID-19 restrictions. Yet the Corporation demonstrated remarkable agility and creativity in designing and executing new revenue-generating initiatives. We successfully achieved high visitations during Halloween and Christmas with new pay-as-you-go experiences. At the same time, our collaboration with partners from different business sectors for events and attraction sponsorships, brand exposure, and advisory service, among others, opened up new revenue and engagement opportunities both inside and outside the Park. Meanwhile, we strengthened our online education programmes during Ocean Park’s mandated closure due to the pandemic. We enabled visitors to stay engaged with us through various channels such as the mass media, social platforms, our pop-up stores, new e-shop and WhatsApp store, as well as the metaverse. As Ocean Park commemorates its 45th anniversary in 2022, these proactive efforts will reinforce Ocean Park’s position as Hong Kong’s favourite conservation, education and recreation hub and provide the impetus for business growth.”
As a vital stakeholder and citizen of the city, the Corporation remained committed to giving back to the community. It launched multiple corporate social responsibility initiatives during the fiscal year 2021–2022 to support those affected by the ongoing pandemic. Volunteers spent 11,382 manhours on community and environmental protection activities during the same period. These efforts included becoming the venue for photocatalyst coating of 50 non-franchised public and light buses so they can transport COVID-19 patients. In addition, the Park staff supported the Home Affairs Department and Community Emergency Aid Team by packing 200,000 COVID-19 rapid antigen test kits. Also, they helped collect rubbish along 27 hiking trails and cleaned up marine debris along the coastlines of the Southern District.
“I heartily thank our visitors, board members, employees and stakeholders for their unwavering support throughout the last fiscal year and to the Government for the strategic input, funding and legislature amendments. Despite the difficult operating environment, the Corporation has continued to innovate its offerings and generate new revenue streams to build momentum on its future strategy since its introduction in early 2021. The Park is on track with its transformation into a resort destination grounded in nature, conservation and education and complemented by adventure and leisure to enhance the visitor experience. We are confident of moving towards sustainable growth,” Wong concluded.
Notwithstanding the mandatory temporary closure of 105 days for Ocean Park and 128 days for Water World in compliance with government guidelines, Ocean Park’s year-on-year revenue increased by 15.6%. The Corporation’s year-on-year revenue increased by 38.5% while the revenue per capita grew by 21.2%. Also, the Corporation’s effort to streamline costs saw a HK$436.2 million surplus from operations inclusive of government funding.
Ocean Park Corporation recorded a deficit of HK$1,815.7 million for the fiscal year 2021–2022, though this was mainly due to HK$1,764.7 million of one-off impairment losses on the property, plant and equipment and right-of-use assets, and depreciation and other loss on disposal of property, plant and equipment and right-of-use assets of HK$513.7 million. The impairment losses, however, were only for book provision and had no impact on the Corporation’s cash flow. As at 30 June 2022, the Corporation held bank balances and cash of HK$1,311.6 million, indicating that it maintained a healthy cash position.
The opening of the 700,000 square feet Water World was a key highlight during the fiscal year 2021–2022 and a significant addition to Ocean Park’s total resort experience. As Asia’s first all-weather, year-round seaside park, it redefines the concept of water-based entertainment attractions. Water World offers unique experiences for local and overseas visitors and helps diversify the Corporation’s revenue streams.
The passage of the Ocean Park Corporation (Amendment) Ordinance 2021 is another key milestone that enabled the Corporation to play to its strength outside its premises. It paved the way for expanding the Corporation’s conservation, education, and recreational offerings in Hong Kong and other markets.
Ivan Wong Chi-Fai, Chief Executive of Ocean Park Corporation, said, “The fiscal year 2021–2022 was particularly challenging because of macroeconomic uncertainty, unfavourable geopolitical development, and the lack of inbound tourism due to COVID-19 restrictions. Yet the Corporation demonstrated remarkable agility and creativity in designing and executing new revenue-generating initiatives. We successfully achieved high visitations during Halloween and Christmas with new pay-as-you-go experiences. At the same time, our collaboration with partners from different business sectors for events and attraction sponsorships, brand exposure, and advisory service, among others, opened up new revenue and engagement opportunities both inside and outside the Park. Meanwhile, we strengthened our online education programmes during Ocean Park’s mandated closure due to the pandemic. We enabled visitors to stay engaged with us through various channels such as the mass media, social platforms, our pop-up stores, new e-shop and WhatsApp store, as well as the metaverse. As Ocean Park commemorates its 45th anniversary in 2022, these proactive efforts will reinforce Ocean Park’s position as Hong Kong’s favourite conservation, education and recreation hub and provide the impetus for business growth.”
As a vital stakeholder and citizen of the city, the Corporation remained committed to giving back to the community. It launched multiple corporate social responsibility initiatives during the fiscal year 2021–2022 to support those affected by the ongoing pandemic. Volunteers spent 11,382 manhours on community and environmental protection activities during the same period. These efforts included becoming the venue for photocatalyst coating of 50 non-franchised public and light buses so they can transport COVID-19 patients. In addition, the Park staff supported the Home Affairs Department and Community Emergency Aid Team by packing 200,000 COVID-19 rapid antigen test kits. Also, they helped collect rubbish along 27 hiking trails and cleaned up marine debris along the coastlines of the Southern District.
“I heartily thank our visitors, board members, employees and stakeholders for their unwavering support throughout the last fiscal year and to the Government for the strategic input, funding and legislature amendments. Despite the difficult operating environment, the Corporation has continued to innovate its offerings and generate new revenue streams to build momentum on its future strategy since its introduction in early 2021. The Park is on track with its transformation into a resort destination grounded in nature, conservation and education and complemented by adventure and leisure to enhance the visitor experience. We are confident of moving towards sustainable growth,” Wong concluded.
