Taking a big gamble on China, Disney has broken ground on its long-awaited Shanghai Disneyland theme park.
It is banking on its global brand and fairytale attractions to draw millions of visitors and boost the companies profits in the region.
The Hong Kong Disneyland – which opened in 2005 – has never made a profit, Disney CEO Bob Iger said they have learned lessons from Hong Kong and he was upbeat about its future in China: “I am thoroughly confident in the future of Hong Kong Disneyland and believe that China, which is a much larger country than the United States, is more than capable of supporting and sustaining two wonderful Disney destinations.”
Disney’s foray into mainland China is the culmination of 20 years of negotiation with the government which was worried over cultural aspects.
Bob Iger said it will be: “Authentically Disney but distinctly Chinese”
The theme park is due to open in 2015.