This excerpt taken from the DIS 10-K filed Dec 7, 2005.
Hong Kong Disneyland
In 1999, the Company and the Government of the Hong Kong Special Administrative Region signed a master project agreement for the development and operation of Hong Kong Disneyland. Phase I of the development, located on 311 acres of land on Lantau Island, includes the Hong Kong Disneyland theme park. The resort also includes the 400-room Hong Kong Disneyland Hotel, and the 600-room Hollywood Hotel. The master project agreement permits further phased buildout of the development under certain circumstances. The Company owns its interest in Hong Kong Disneyland through Hongkong International Theme Parks Limited, an entity in which the Hong Kong Government owns a 57% interest and a subsidiary of the Company owns the remaining 43%. A separate Hong Kong subsidiary of the Company is responsible for managing Hong Kong Disneyland. Based on the current exchange rate between the Hong Kong dollar and U.S. dollar, the Companys equity contribution obligation is limited to U.S. $314 million. As of October 1, 2005, the Company had contributed U.S. $279 million and the remaining $35 million is payable over the next year. Hong Kong Disneyland commenced operations in September 2005 and Company subsidiaries are entitled to receive management fees and royalties in addition to the Companys equity interest.