$800 Million Upgrades Added to $4 Billion Shanghai Disney Resort
Wednesday, May 14, 2014
Disney Vacation Club members are anxiously awaiting the opening of Disney’s newest theme park in Shanghai. As construction progresses, Walt Disney Company and partners have decided to add an additional $800 million in costs to the park’s already large price-tag of $4 billion.
The financing for these funds will be split by Disney (43%) and their partners, Shanghai Shendi Group (57%).
The Los Angeles Times shared that the additional investment will go towards attractions and entertainment related to China’s middle-class families. These will be added later on in the park’s development. When it is complete, the park will be Disney’s second largest theme park. The largest is Disney World in Orlando, Florida.
The partners suggest that this boost in spending is to benefit China’s family who are looking for domestic travel experiences. Disney shared that they anticipate a large amount of traffic from locals, as the new resort is within a 3 hour distance from 330 million people. The revenue and jobs provided through the Shanghai Disney Resort will also benefit China’s economy.
Chairman of Walt Disney Parks and Resorts, Thomas O. Staggs shared, “The expansion underscores the tremendous opportunity we see in Shanghai and demonstrates our long-term commitment to and confidence in China.”
The Shanghai Disney Resort is expected to open on December 31, 2015. To learn how you can become a member of the Disney Vacation Club, visit SellMyTimeshareNow.com.