Shanghai Disneyland(ppt 31页)（英文版）

Shanghai Disneyland内容提要：
Long-term
Consistently searching for areas of expansion where there are un-captured markets
Current
Government relations established through the Hong Kong Disneyland project indicate easier entry into the mainland
Competitive
Universal-Vivendi’s land purchase in Shanghai and proposed expansion into Beijing
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Risk Analysis - Sovereign
Currency risk is not mitigated by this project since the majority of cash inflows and outflows are in local currency
Expropriation risk is mitigated some with the government taking a controlling equity stake
No other commercial or multi-lateral agency partners are involved in the project
Because the project is in the tourism industry and involves an American cultural icon, the susceptibility to strikes or terrorism is slightly higher than average
The project’s location in Shanghai reduces the overall risk of natural disasters when compared to country averages
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Risk Analysis – Operating and Financial
The technology for this project will be provided by Disney and is proven in other locations
Potentially lengthy negotiations with the Chinese government increases start-up risks slightly
Given the project is very service oriented, there is some risk associated with the level of control assumed by the government, but this is difficult to quantify
There are no financial mitigating factors ― rather, this project is closely tied to the government
Real option:  A minor amount of cannibalization from the Hong Kong property may be expected.