Despite a rain-dampened day, visitors turned up in their droves for the fairytale opening of Disney’s Shanghai resort, which CEO Bob Iger hailed as an “incredible opportunity” for the company.
The resort is a joint venture between Disney and the state-owned Shendi Group, which owns a 57 per cent stake in the attraction, meaning Disney will earn a 43 per cent share of park revenue.
"This is one of the proudest and most exciting moments in the history of the Walt Disney Company," said Iger, speaking at the official ribbon cutting ceremony. “It’s an incredible opportunity.”
The park represents Disney’s first venture into mainland China, which Chinese president Xi Jinping heralded as a sign of China’s “commitment to cross-cultural cooperation and our innovation mentality in the new era.”
While China’s government has been very accommodating towards Disney in the build up to the park’s opening, its rivals have been less kind, with Wanda chair Wang Jianlin
notably warning Disney that “one tiger is no match for a pack of wolves” in reference to his
Wanda City plan.
The US$5.5bn (€5bn, £3.8bn) Disneyland Shanghai theme park and resort – the largest foreign investment ever made by Disney – features its biggest castle, two hotels and six themed lands: Adventure Isle, Gardens of Imagination, Mickey Avenue, Tomorrowland, Treasure Cove and Fantasyland.
