Last updated: 03:06 PM ET, Tue November 22 2016

Disney Announces $1.4 Billion Expansion of Hong Kong Disneyland

Entertainment Donald Wood November 22, 2016

Disney Announces $1.4 Billion Expansion of Hong Kong Disneyland

Photo: Sleeping Beauty Castle at Hong Kong Disneyland. (Courtesy of Hong Kong Disneyland)

On Tuesday, the Walt Disney Company and the Hong Kong Government announced new plans for a $1.4 billion expansion of Hong Kong Disneyland.

The $1.4 billion expansion plan is part of Disney’s commitment to the long-term success of Hong Kong Disneyland as a top international tourist destination. The expansion will help attract a diverse audience of all ages.

As part of the expansion, Hong Kong Disneyland will be transforming the Castle and Hub areas to highlight new daytime and nighttime spectaculars and entertainment experiences, adding new Frozen- and Marvel-themed lands and introducing a new entertainment venue, Moana's Village Festival in Adventureland.

“We are more excited than ever about the future of Hong Kong Disneyland,” Walt Disney Parks and Resorts chairman Bob Chapek said in a statement. “This proposed expansion brings the best of The Walt Disney Company to this wonderful tourist destination, giving guests an experience only Disney can deliver and infusing some of Disney's most beloved characters and stories into this unique destination.”

Funding for the expansion will come through cash equity injections from Hong Kong Disneyland's shareholders, which include The Walt Disney Company (47 percent ownership stake) and the Hong Kong Government (53 percent ownership stake.) In total, the Hong Kong Government will pay $750 million and Disney will pay $650 million.

The new expansion comes during a major growth period for Hong Kong Disneyland, as the resort recently celebrated its 10th Anniversary and announced the addition the park’s first Marvel-themed ride and the resort's third hotel, Disney Explorers Lodge.