Ocean Park Case Study
Introduction
Ocean Park, Hong Kong’s only homegrown theme park, was opened in 1977. It is the largest marine-based theme park in Asia, focusing on providing facilities for educational, recreational and conservation activities to the public. The park houses fourteen rides, an assortment of aquariums, a giant panda exhibit, observatories and educational laboratories. It is also the only Asian Park to be accredited by the American Zoo and Aquarium Association.
Problem- Hong Kong Tourism
In 2004, the tourism industry in Hong Kong composed of 2.9% of its gross domestic product (GDP). With approximately 21.8 million visitors that year, the majority of tourists came from China. However, this was likely to change because of China’s less stringent requirements for traveling to other counties. In addition, the amusement park industry was not the highlight of Hong Kong tourism. Hong Kong was known to be a business city and was associated with deal-making, dining, and shopping.
After the economic devastation from the 1997 Asian financial crisis, Hong Kong realized that they needed to diversify their economy. With this new outlook, the Hong Kong government began focusing on developing industries based on knowledge and driven by innovation. In 2001, the Hong Kong government announced the development of five tourism clusters to increase the attractiveness of Hong Kong to tourists. Included in this process was the redevelopment of Ocean Park.
Problem Statement
In order for Ocean Park to attract more tourism, it launched a syndicated loan to raise HK$4.1 billion to revamp itself. How will the banks assess Ocean Park’s strategic plan? Would they buy the park’s strategy in light of the competition posed by Disney? Outlook Ocean Park will be a fierce competitor in the Hong Kong entertainment industry. Despite rivalry from Hong Kong Disneyland, the new master plan from Ocean Park poses various opportunities and strengths for the theme park.
TOWS Analysis The major threat
Ocean Park, Hong Kong’s only homegrown theme park, was opened in 1977. It is the largest marine-based theme park in Asia, focusing on providing facilities for educational, recreational and conservation activities to the public. The park houses fourteen rides, an assortment of aquariums, a giant panda exhibit, observatories and educational laboratories. It is also the only Asian Park to be accredited by the American Zoo and Aquarium Association.
Problem- Hong Kong Tourism
In 2004, the tourism industry in Hong Kong composed of 2.9% of its gross domestic product (GDP). With approximately 21.8 million visitors that year, the majority of tourists came from China. However, this was likely to change because of China’s less stringent requirements for traveling to other counties. In addition, the amusement park industry was not the highlight of Hong Kong tourism. Hong Kong was known to be a business city and was associated with deal-making, dining, and shopping.
After the economic devastation from the 1997 Asian financial crisis, Hong Kong realized that they needed to diversify their economy. With this new outlook, the Hong Kong government began focusing on developing industries based on knowledge and driven by innovation. In 2001, the Hong Kong government announced the development of five tourism clusters to increase the attractiveness of Hong Kong to tourists. Included in this process was the redevelopment of Ocean Park.
Problem Statement
In order for Ocean Park to attract more tourism, it launched a syndicated loan to raise HK$4.1 billion to revamp itself. How will the banks assess Ocean Park’s strategic plan? Would they buy the park’s strategy in light of the competition posed by Disney? Outlook Ocean Park will be a fierce competitor in the Hong Kong entertainment industry. Despite rivalry from Hong Kong Disneyland, the new master plan from Ocean Park poses various opportunities and strengths for the theme park.
TOWS Analysis The major threat