Disney says Shanghai theme park to get $800M boost
LOS ANGELES (AP) -- Disney says it and its Chinese partner will spend $800 million more on their Shanghai theme park, bringing the total investment to nearly $5.5 billion.
The extra spending will go toward more attractions, entertainment and other offerings. Most of the additions are targeted to be completed by opening day, which is aimed for the end of 2015.
CEO Bob Iger said in a statement that Disney has been impressed with the growth of China's economy, the expansion of the middle class and a significant increase in travel and tourism.
Shanghai Shendi Group owns 57 percent of the park while The Walt Disney Co. holds the remaining 43 percent.
Each will contribute a proportionate share of the extra investment.