Ocean Park's deficit widens to HK$275m despite visitor growth

Hong Kong’s Ocean Park Corporation (OPC) has reportedly seen its annual loss expand to HK$274.7 million in the 2024/25 fiscal year, despite a rise in visitor numbers and heightened interest driven by its giant pandas. The figures were disclosed in a document submitted to the Legislative Council on Wednesday.

Covering the 12 months until 30 June, the theme park reported a 9% increase in total revenue, which reached HK$1.28 billion, according to Ming Pao. This growth was fuelled by a sustained surge in tourist arrivals to Hong Kong and strong public interest in its giant pandas, boosting both attendance and revenue for the fourth year in a row.

Combined visitor numbers for Ocean Park (the dry park) and Water World rose by 10% YoY from 3.14 million to 3.46 million. The dry park continued to make progress in its business performance, while Water World showed steady improvement.

Local and non-local visitors reached 2.21 million and 1.25 million respectively in the financial year, representing YoY increases of 9% and 12%. The top three non-local visitor source markets with the strongest growth were the United States (113%), Australia (103%), and India (91%).

Meanwhile, the number of giant pandas under OPC’s care rose from two to six within a few months, thereby creating a “giant panda craze” and boosting visitor numbers, which not only helped drive up in park spending but also enhance revenue generation outside the park.

OPC’s giant panda-themed merchandise surged from fewer than 200 to over 600 stock keeping units, accounting for approximately 39% of OPC’s total merchandise sales revenue. Merchandise revenue for the financial year rose by 20% to HK$172.5 million. In-park spending, including pay-as-you-go activities and experiences and education programmes, also increased by 35% YoY to HK$110.6 million.

Furthermore, operational performance showed improvement, with Ocean Park recorded an operating surplus of HK$42.4 million for 2024/25, a significant turnaround from the HK$17.2 million operating deficit it posted in the previous fiscal year. Its broader operating surplus, including other operational streams, climbed by 14% YoY to HK$190.7 million.

Despite these upward trends, the theme park’s deficit widened to HK$274.7 million from HK$71.6 million in 2023/24. Depreciation expenses stood at HK$414 million, weighing on the bottom line. A further blow came from a reduction of over HK$200 million in the impairment reversal of property, plant and equipment.

At the same time, Water World remained in the red, recording an operating deficit of HK$148.3 million. However, this figure marked a 20% reduction compared to the previous year, signaling a modest improvement in its operational performance.

Paulo Pong, chairman of the board, Ocean Park Corporation, said, “OPC achieved significant breakthroughs in operations, conservation and education during financial year 2024–2025. The presence of six giant pandas of three generations has not only amplified our conservation and education efforts and empowered us to connect with a broader audience, but it also creates unprecedented opportunities for business growth."

Pong added, "As a non-profit organisation, OPC’s steady enhancement in operating performance enables us to dedicate resources to advancing vital conservation and education initiatives for society and nurturing future generations.”

MARKETING-INTERACTIVE has reached out to Ocean Park for a statement. 

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