Ocean Park Could Go Bankrupt in June 2020

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One of Hong Kong’s top tourist destinations could face bankruptcy next month unless there is a HK$5.4b (Php 34.9b) bailout from the government.

It was shut down on January 26, 2020 due to the pandemic. It currently employs 2,000 full-time workers and another 2,000 serving as part time. Salary cuts have already been implemented on senior managers and some staff have taken an unpaid leave.

Earlier this year, the government was considering giving Ocean Park HK$10.64b for renovation. The park still owes HK$5b to the government.

Ocean Park has not been all so well dating back to 2015, when they had a deficit of HK$200m. Last year’s anti-government protests did not help tourism and the park projected a HK$600m deficit.

As for now, the Hong Kong Legislative Council has to decide whether a money-losing company would still be worth spending tax-payer’s money, even if it has majorly contributed to Hong Kong’s economy.

Source:
https://www.scmp.com/news/hong-kong/society/article/3083793/coronavirus-urgent-bailout-planned-hong-kongs-ocean-park

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