, which has seen losses increased by the effect of COVID-19. The venture is to be transformed from a traditional theme park into a travel destination and marine conservation hub that can be financially self-sufficient.
The 44-year-old park, which operates as a not-for-profit organization, has been in loss for the past four years. Operating to only one third of capacity during 2020 due to social distancing requirements pushed it further into the red. The government previously offered $696 million of loans, but the money was only expected to last until mid-2021. Repayment has been pushed from this year until 2028, and interest has been waived.
“[The park is to be] a destination, a resort. It will no longer be just a theme park about rides and pandas,” Lau said.
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