The newest Disney theme park is now open for business.
Shanghai Disneyland Park opened its doors early this morning (Eastern time) to guests.
- Shanghai Disneyland opened Thursday morning
- It becomes the first Disney park in mainland China
- Disney's newest theme park is expected to attract as many as 50 milllion guests a year
Disney CEO Bob Iger and a group of Chinese officials were on hand to cut the red and gold ribbon to commemorate the milestone.
Shanghai Disneyland becomes the first Disney resort in mainland China and the sixth worldwide.
“The grand opening of Shanghai Disney Resort is a celebration of creativity and collaboration, a triumph of imagination and innovation and a testament to the strong partnership between Disney and China,” Iger said. “Together we have created an extraordinary destination, a magical place unique in all the world, where East meets West, the past meets the future, and anything is possible for those who believe. It is our sincere hope that this spectacular place will inspire wonder and create joy for the people of China for generations to come.”
Following the dedication ceremony, tens of thousands of guests enter the park for the first time.
Disney is hoping Shanghai Disneyland will help revive its struggling international theme park business.
Shanghai Disneyland is expected to attract up to 50 million guests each year, far surpassing the company’s other parks, including Walt Disney World.
The park, which is a $5.5 billion investment, could generate upwards of $4.5 billion a year in revenue, according to analysts.
Disney has three other international parks: Disneyland Paris, Hong Kong Disneyland and Tokyo Disneyland. All three parks have struggled in recent years to make a profit.
Watch the dedication ceremony below: