Mainland China will get its first Disney theme park, as Walt Disney Company is going to open Shanghai Disney Resort on June 16, according to a statement put out Tuesday. The Shanghai Disney Resort is reportedly worth more than five billion dollars. The upcoming park was built through a partnership between Disney and Shanghai Shendi Group, a consortium run by the state government.

The Shanghai Disney Resort will be Disney’s 6th theme park. Some of its features will include their highest castle, as well as a pirate attraction. There will also be two hotels for guests.

The resort is situated over 936 acres, which is three times the size of Hong Kong Disneyland.

Shanghai Disney Resort opening this summer after several delays

The resort was supposed to already be open, as the original opening was scheduled to be in 2015. It has taken nearly 10 years to plan it and there have been several setbacks during that timeframe. Disney signed the letter of intent in 2002 with the government with a planned opening date of 2008, but building didn't actually begin until 2011.The resort is opening at a time when China is suffering the nation’s slowest economic development in the past 25 years.

Nevertheless, Disney’s CEO Bob Iger is still very optimistic about the resort. When interviewed, Iger said that Disney is bullish on China and believes China is a good market for them to be in.

Chinese Disney park could bring large profit to Disney

The new Disney Park is estimated to possibly bring in more than $160 million in earnings by 2018, from a yearly revenue of more than a billion dollars, according to Macquarie Capital analyst Tim Nollen.

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Disney’s theme parks are their 2nd biggest industry after TV. During the last fiscal year, income from them went up seven percent to equal $16.1 billion.

This money mostly came from US theme parks, as the ones situation in Hong Kong, as well as in Paris were a bit slow in their growth during 2015, according to a Wall Street Journal report. This new Chinese resort is the third one to open in Asia, as Tokyo Disneyland opened in 1983 and Hong Kong Disneyland in 2005.

New resort will reflect traditional Chinese culture, foods

The new resort is set to reflect not only the usual Disney traditions, but also to mix in traditional Chinese food and culture, just like the one in Hong Kong has done. Chinese visitors can expect this new Shanghai Disney Resort to open on June 16 if things go as planned.

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