Lawmakers on Tuesday discussed ways to help Ocean Park improve its finances after it posted a deficit of more than HK$71 million for the financial year ending in June, despite revenue and visitor numbers hitting five-year highs.

At a Legco panel meeting on economic development, the theme park disclosed that its water park, or Water World, lost over HK$200 million last financial year.

Ocean Park chairman Paulo Pong explained Water World had only been running for two years and was still in its growth phase, promising lawmakers the theme park would work hard to reduce losses.

Lawmakers voiced concerns Ocean Park might struggle to stay financially sustainable, urging it to use the opportunities created by its six pandas.

Tourism sector lawmaker Perry Yiu noted that following the resumption of multiple-entry visas for Shenzhen residents, Ocean Park could consider giving them more discounts to boost visitor numbers.

Meanwhile, Benson Luk from the Business and Professionals Alliance, suggested Ocean Park lease out its outdoor areas to host major events to increase revenue.

Secretary for Culture, Sports and Tourism Kevin Yeung noted Ocean Park has been thinking of different ways to find more sources of income.

“Ocean Park will make use of the resources available to try to increase revenue, for example concerts can be held in the park. This will also help solve the problem of not having enough venues in Hong Kong,” he said.

Roundtable lawmaker Michael Tien suggested the Leisure and Cultural Services Department (LCSD) take over the water park's operations to reduce losses.

“[Ocean Park’s] current loss last year is strictly due to one project, which is the water park. The loss of the water park, which is in excess of HK$200 million, is about the same as the government subsidy,” he said

“So basically, the government is not subsidising the other activities of Ocean Park, and that is unfair to Ocean Park and is tying up the hands of the entire team. So my suggestion is to spin off the water park, and give it to LCSD,” he said.