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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
Company’s 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 Company’s equity interest.
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