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Updated: 2:39 AM Jun 30, 2009
Disney, Hong Kong reach $465 mln expansion deal
Hong Kong's government and the Walt Disney Co. have reached a deal to expand the territory's struggling Disneyland theme park at a cost of about $465 million.
Posted: 2:39 AM Jun 30, 2009 |
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HONG KONG (AP) -- Hong Kong's government and the Walt Disney Co. have reached a deal to expand the territory's struggling Disneyland theme park at a cost of about $465 million.
Hong Kong officials announced the deal Tuesday. The expansion is expected to take five years and will add three themed areas plus 30 new attractions.
Government officials say Disney will contribute all the necessary new capital for construction and the park's operation during the building phases.
California-based Disney will also convert into equity about $350 million in loans to the venture to help with funding. The government says it will not add any new capital.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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