Loss-making Hong Kong Disneyland names new chief in reshuffle

[HONG KONG] Hong Kong Disneyland Resort said late on Monday it promoted Samuel Lau, vice-president of operations, to the post of managing director at the theme park to replace Andrew Kam, who the company said had resigned for "personal reasons".

Controlled by a joint venture that is 47 per cent-owned by The Walt Disney Company, the company's reshuffle comes weeks after it said it slid to a HK$148 million (S$26.4 million) loss for the fiscal year ended October 2015, from a HK$332 million profit a year ago, amid a fall in Hong Kong tourism.

Hong Kong Disneyland Resort, which didn't say exactly when Mr Kam left the company, reported revenue dropped 7.3 per cent to HK$5.1 billion for the year ended October, from HK$5.5 billion revenue a year earlier. Visitor numbers fell 9.3 per cent to 6.8 million in fiscal 2015 from 7.5 million in the previous year.

REUTERS