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Hong Kong protests and Typhoon Mangkhut prove a perfect storm for Ocean Park as deficit more than doubles to US$72 million
- Post-storm repairs took park’s operating costs to HK$1.5 billion
- Visitor numbers have dropped as anti-government movement scares away tourists
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Hong Kong resort Ocean Park has reported a widening deficit for the past financial year, largely caused by Typhoon Mangkhut, with ongoing civil unrest in the city also dimming its prospects.
Its deficit more than doubled to HK$557.3 million (US$72 million) in the year to June 30, from HK$236.5 million in the previous year, according to an annual report released on Wednesday.
The results did not reflect the impact of the tourism slump since July, as anti-government protests keep visitors away and add to the economic woes brought by the lingering US-China trade war.
During the financial year, revenue grew 2.9 per cent to HK$1.7 billion while the number of visitors to the park was slightly lower at 5.7 million, from 5.8 million previously.
The park said a “notable” rise in repairs and maintenance expenses required after the damage inflicted on facilities by the typhoon – which struck in summer 2018 – helped lift operating costs by 14 per cent to HK$1.5 billion.
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