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Ocean Park may offload Water World to government after HK$274m loss
23-10-2025 17:20 HKT
by Winona Cheung
Ocean Park is considering offloading its loss-making Water World to the government — or even shutting it down — after the attraction dragged the theme park into a deeper deficit of more than HK$274 million last year, raising fears that taxpayers may soon have to pick up the tab.
Chairman Paulo Pong Kin-yee admitted on Thursday that the water park had become a major financial burden, while the main Ocean Park site has returned to profit.
Speaking on a radio program this morning, he said all options were on the table, including handing over the attraction’s operation to the Leisure and Cultural Services Department.
“I cannot completely deny this option (to fully close the water park), but we really need to discuss it with different stakeholders,” Pong said. “No options are off the table.”
The remarks have sparked renewed questions about whether the government, which has already injected billions into Ocean Park in previous bailouts, could again be drawn in to shoulder further losses.
According to documents submitted to the Legislative Council on Wednesday, the park’s total revenue for the 2024/25 fiscal year — which ended on June 30 — climbed nine percent to HK$1.28 billion. However, it still posted a widened deficit of HK$274.7 million, up from HK$71.6 million the previous year.
The shortfall was mainly due to a HK$200 million reduction in impairment reversal of property, plant and equipment. While the park recorded an operating surplus of HK$190.7 million, up 14 percent year on year, Water World continued to bleed money with a HK$148.3 million loss from operations, only a slight improvement on the year before.
Pong said shifting travel habits have hit attendance, with tourists preferring short, “Instagrammable” experiences instead of day-long outings. Despite marketing efforts — including student tickets priced as low as HK$88 and night-time DJ parties — Water World remains “some distance” from breaking even.
The attraction has been closed since mid-October and will not reopen until May. “Unfortunately, the biggest benefit for Water World has come from the seven months it has been closed during the winter,” Pong said.
He added that Ocean Park has consulted overseas and mainland water park operators on possible revamps, with some recommending the addition or removal of facilities.
Water World, opened in 2021 with heavy public funding, was touted as a key part of Ocean Park’s long-term revitalisation plan. But with visitor numbers still falling short of projections, any government takeover or further subsidy could once again leave Hong Kong taxpayers footing the bill for its survival.
23-10-2025 17:20 HKT
by Winona Cheung
Ocean Park is considering offloading its loss-making Water World to the government — or even shutting it down — after the attraction dragged the theme park into a deeper deficit of more than HK$274 million last year, raising fears that taxpayers may soon have to pick up the tab.
Chairman Paulo Pong Kin-yee admitted on Thursday that the water park had become a major financial burden, while the main Ocean Park site has returned to profit.
Speaking on a radio program this morning, he said all options were on the table, including handing over the attraction’s operation to the Leisure and Cultural Services Department.
“I cannot completely deny this option (to fully close the water park), but we really need to discuss it with different stakeholders,” Pong said. “No options are off the table.”
The remarks have sparked renewed questions about whether the government, which has already injected billions into Ocean Park in previous bailouts, could again be drawn in to shoulder further losses.
According to documents submitted to the Legislative Council on Wednesday, the park’s total revenue for the 2024/25 fiscal year — which ended on June 30 — climbed nine percent to HK$1.28 billion. However, it still posted a widened deficit of HK$274.7 million, up from HK$71.6 million the previous year.
The shortfall was mainly due to a HK$200 million reduction in impairment reversal of property, plant and equipment. While the park recorded an operating surplus of HK$190.7 million, up 14 percent year on year, Water World continued to bleed money with a HK$148.3 million loss from operations, only a slight improvement on the year before.
Pong said shifting travel habits have hit attendance, with tourists preferring short, “Instagrammable” experiences instead of day-long outings. Despite marketing efforts — including student tickets priced as low as HK$88 and night-time DJ parties — Water World remains “some distance” from breaking even.
The attraction has been closed since mid-October and will not reopen until May. “Unfortunately, the biggest benefit for Water World has come from the seven months it has been closed during the winter,” Pong said.
He added that Ocean Park has consulted overseas and mainland water park operators on possible revamps, with some recommending the addition or removal of facilities.
Water World, opened in 2021 with heavy public funding, was touted as a key part of Ocean Park’s long-term revitalisation plan. But with visitor numbers still falling short of projections, any government takeover or further subsidy could once again leave Hong Kong taxpayers footing the bill for its survival.
