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Oriental Land to sink ¥500 billion into Disney parks, other businesses

Kyodo

Oriental Land Co., operator of the Disney theme parks in Japan, said Monday that it will invest ¥500 billion over the next 10 years into its amusement and related operations.

During the 10-year investment period, new businesses will be established in new locations, the company said without elaborating.

Oriental Land said it aims to boost attendance at its Tokyo Disneyland and Disney Sea parks to 30 million a year by 2023, up 2 to 3 million from recent levels.

In the past year to March, attendance at the two parks hit 31.29 million, thanks to events marking Tokyo Disneyland’s 30th anniversary, it said.

In its earnings report Monday, the company said net profit surged 37.1 percent to a record ¥70.57 billion, on a 19.7 percent jump in revenue to a record ¥473.57 billion.

For the current business year, however, Oriental Land expects revenue to sink 11.8 percent to ¥417.6 billion and net profit to drop 21.3 percent to ¥55.5 billion.

For April so far, visitor numbers are up year on year thanks largely to good weather, despite the consumption tax hike to 8 percent from 5 percent, the company said.

“The consumption tax increase has no effect on park entries,” Oriental Land Executive Director Yuichi Katayama said in a news conference.

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