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As he opened an expansion to what is proving to be one of Walt Disney Co.’s most successful theme parks, CEO Bob Iger said the $5.5 billion Shanghai Disney Resort will keep expanding to satisfy Chinese consumers’ “strong and growing demand for high-quality themed entertainment.” The new area, a Toy Story Land in the style of the blockbuster movie franchise, is one of the fastest-paced expansions for a Disney theme park, driven by the pent-up need of China’s growing middle class for family entertainment options. The Shanghai park logged more than 11 million visitors in its first year of operations, putting it in the top seven of theme parks worldwide. Walt Disney Imagineering President Bob Weis said Disney is creating jobs in China and sees the park as “a local project.” “We are a local company,” he said. “We design and develop stories, we work with the best talent here in China. Everything here is built and made in China. Our focus is on knowing this audience and having them feel that this park belongs to them.” The park is a joint venture between Disney and Shanghai Shendi Group, a local state-run consortium that owns 57 percent. Read Original Article |
