Attendance may be stagnating in some parts of the world, but a growing middle class with disposable incomes to match is making the Asia-Pacific region a prime target for investors and theme park owners.
"It's an up-and-coming market, and growing quite fast," said Christian Aaen, Hong Kong-based regional director for AECOM Economics, a consulting firm that specializes in the entertainment and leisure industries. MGM Studios and Paramount, too, are scouting around Asia for future projects. PricewaterhouseCoopers predicted the region's market will be worth nearly $8.5 billion by 2012, up from $6.4 billion in 2007.
In Pictures: Asia's Top Amusement Parks
Forbes determined Asia's top theme parks based on attendance figures, which AECOM Economics collects every year.
While data show that local interest in these kinds of leisure activities has been steadily increasing since the 1990s, it was only recently that Asia scored the kind of economic growth needed to justify the existence of such grand--and expensive--designs.
"China will lead the way," said Kelven Tan, Southeast Asia's representative for the International Association of Amusement Parks and Attractions, an industry group. "The critical mass really came about with the resurgence of China. You need a good source of people; you also need labor and you need cheap land."
That's what the folks behind the just-completed Universal Studios in Singapore are betting. Developers aim to tap the wallets of Singapore's 4.6 million residents, 9.7 million tourists a year and its proximity to populous areas of Indonesia and southern Malaysia. When it opens this spring, it will be the island nation's first bona fide amusement park.
The site on Sentosa Island includes rides and shows based on television programs and movies like Battlestar Galactica, Shrek and Jurassic Park. As part of a ploy to get visitors to extend their stays, the park is part of an entertainment complex that includes casinos, resorts and shopping malls.
Overall spending on entertainment and media in Asia Pacific is set to increase 4.5% each year, jumping to $413 billion in 2013 from $331 billion in 2008, according to PricewaterhouseCoopers, with places like South Korea, Australia and China posting the biggest increases.
Outside of foreign brands like Legoland, which plans to open a park in Johor, Malaysia, for 2013, home-grown companies like Genting in Malaysia and OTC Enterprise Corp. in China are aggressively looking to take advantage of the burgeoning market in their backyards.
In some ways, theme parks the world over are all alike. But while many covet bigger and faster rides, Asian amusement-seekers in particular take a shine to elaborate live entertainment. Shows often take a cultural bent, Aaen says, and can feature hundreds of actors and dancers on stage with animals, myriad special effects and high-tech scenery.
In a trendy twist, the performances can even include pop stars. In recent months Malaysia's biggest park, Sunway Lagoon, has highlighted performances by Ne-Yo, the Black Eyed Peas and American Idol runner-up David Archuleta.
Japan's Tokyo Disneyland leads the rest of the region, attracting as many as 26 million visitors a year. But emerging markets like Vietnam and India will start to mature over the next five years, Aaen said, nipping at the heels of their more advanced neighbors.
Skeptics, however, remain. Hong Kong Disneyland is in the midst of a $465 million expansion project. But underwhelming attendance figures, disappointing hotel occupancy rates and a reported $170 million loss in 2009 have left some wondering about the degree to which demand can keep pace with the blind enthusiasm of developers.
In Pictures: Asia's Top Amusement Parks
The city's tourism commission blamed Hong Kong Disney's ( DIS - news - people ) lackluster showing on swine flu and the global financial crisis, holding that it has cycled through just four seasons and is still "in its early years of development."
Undeterred, the city's No. 1 amusement destination, Ocean Park, is sinking $750 million into a massive, multi-year overhaul. Located on the south side of Hong Kong Island, it boasts four giant pandas, an aquarium, a roller coaster with a top speed of 48 miles an hour and an array of special haunted houses during Halloween. The park is especially popular with visitors from mainland China. The city is planning to extend a subway line there in the coming years.
"With the growing incomes in Asia, and the leisure time, this is the perfect product," Aaen said. "People are looking for these kinds of experiences."
No comments:
Post a Comment