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BURBANK, Calif. - The Walt Disney Co. says Hong Kong's legislative council has approved the company's $450 million expansion of its theme park.
The expansion, worth 3.5 billion Hong Kong dollars, will add three new areas to Hong Kong Disneyland — Grizzly Trail, Mystic Point and Toy Story Land — and create 3,700 construction jobs through 2014. Permanent park staff will grow by 600 to 5,500.
Under the plan approved Friday, Disney is investing some $450 million in new capital, converting about $350 million in debt into equity and maintaining a credit facility of about $40 million.
Hong Kong's total stake in the park will decline from about 57 percent to 52 percent, with Disney owning the remaining 48 percent.
Disney shares fell 20 cents to $22.33 in midday trading.
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