#2673912 at 2018-08-20 05:43:49 (UTC+1) Q Research General #3375 CA Gun Control Edition
Hong Kong Disneyland drops bombshell as it announces sudden resignation of managing director for 'personal reasons'
PUBLISHED : Monday, 07 March, 2016, 8:12pm
UPDATED : Tuesday, 08 March, 2016, 12:27am
No further explanation was given about Kam's sudden departure, which came after the park reported a loss of HK$148 million last year, marking its first descent into the red since 2011.
Under Kam, the first Chinese to hold the top job, the park had its first profit - HK$109 million - in the 2011/12 fiscal year since it opened in 2005.
It recorded increasing profits in the next two fiscal years but dipped into the red in 2014/15 with a net loss of HK$148 million.
Andrew Kam Man-ho has joined Wanda as vice president of its Wanda Cultural Industry Group unit, the first senior hire from Disney, according to a Wanda spokesperson in Hong Kong, declining to give details.
Kam's appointment would be a vital step in Wanda's plan to build as many as 15 Wanda City theme parks across China to encircle Disneyland and compete for the entertainment spending of the country's growing middle class households.
The hiring is in keeping with Wanda's style of tapping talent from global competitors to build its own brands, said ZhaoHuanyan, chief knowledge officer of Hotelsolutions, a hospitality solutions consultancy firm.