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Theme Parks:OLC up forecast to 27m visitors for 2011 – Creating Happiness at Tokyo Disney


tokyo disney olc thrill ride media based attraction

RelatedOLC’s 2013 Strategic Plan: Bringing HappinessGenting Singapore Plc’s Integrated Resorts-from Drawing Board to Reality / Singapore: The Lion City roars in 2010 / “A unique theme park among Disney offerings” – Tokyo DisneySea : – story & slideshow

Q3 Results

The table below summarises the key results for the 9 months to 31 December 2010, together with the forecast for the full year as presented in November 2010 and then revised in February 2011.

olc results tokyo disney


Net income has increased by a huge 32% on the previous year, hence a revision of the full year forecast.  The favourable results can be attributed to:

  • Increased theme park attendance due to the increasing popularity of Tokyo DisneySea as well as seasonal events in both theme parks, and favourable weather.  Theme parks account for 81.5% of net sales. 

olc results tokyo disney

The Table below shows Tokyo Disney’s dominance in the Japanese market based on attendance at Japanese theme parks (Source: OLC Investor Relations – Leisure Industry Data September 2010, ranking based on fiscal year ended March 2010):

 olc results tokyo disney attendance

  • Increase in net sales per guest, most significantly on merchandising. olc results tokyo disney net sales
  • Reduction in costs of merchandise and food/beverages
  • Lower fixed costs

Progress against the 2010 Medium Term Plan

Key measures set out in the 2010 Medium Term Plan have been achieved:

  • Growth of core business – target for consolidated net income was ¥27.0, which is smashed in the most recent forecast for 2011 at ¥30.8 billion (March 2008 ¥14.7 billion)
  • Shareholder returns: annual cash dividends – target ¥100, forecast for full year 2011 ¥105 (March 2008 ¥70)
  • Improvement in ROE – target 8%+, expected to be achieved in 2011 (March 2008 3.8%)



The following new attractions are noted in the OLC calendar:

olc results tokyo disney cost of rides and attractions

There are also some significant birthdays on the horizon: Tokyo DisneySea celebrates 10 years in 2011 and Tokyo Disney will be 30 years old in 2013.


  • Investment policy to invest ¥200.0 billion to 2021, concentrating on DisneySea to 2016 with “investment in renewal and improvements” thereafter.  (IRR set at 8% Current WACC: 4% (βvalue for the past ten years = 0.5))
  • Revision of prices in April 2011, the first time since September 2006; the price of an adult one day passport increasing from ¥5800 to ¥6200
  • Address Japanese population demographic (low birth rate and ageing population) with a focus on 40+ guests and a long term strategy to attract visitors from overseas.

Guideline figures for the 2013 Medium Term Plan will be revised in May 2011 but they now look modest compared to the current performance: attendance of 27 million to March 2011 compared to 26.5 million forecast to March 2014. 

More happiness anticipated in May……

Sources: OLC’s Supplementary Materials: Results for the Third Quarter of the Fiscal Year Ending March 31, 2011 and February 2011 IR Presentation Material

Blooloop News and Blooloop Facts and Tracy Kahner

Image, kind courtesy Walt Disney Attractions, Japan

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