Oriental Land Co., Ltd. (hereafter “the Company” or “OLC”) was established in 1960 with the goal to “reclaim land off the coast of Urayasu in Chiba Prefecture, develop commercial and residential areas, and construct large-scale leisure facilities, thereby contributing to the cultural life of the nation and the welfare of its citizens.”
Starting with land reclamation off the coast of Urayasu, followed by negotiations to bring an American-style Disneyland to Japan, the Company opened Tokyo Disneyland in 1983 as the first Disney theme park to operate outside of the United States. In 2001, the Company opened Tokyo DisneySea, the only Disney Park in the world themed to the sea. Around the same time, Disney hotels, a commercial facility, and a monorail system were opened simultaneously, transforming the Maihama area from a single theme park to a themed resort.
Last year, in July 2020, the Company reached the 60th anniversary of its establishment, thanks to all the support from our stakeholders. As we approached that milestone, which in Japan signifies to mark the turning point to “be reborn again” at our 60th anniversary, the spread of an infectious disease came in our way. As a result, we temporarily closed the two Parks for 123 days, which was the longest period the Parks had ever been closed in the Company’s history. Even after the Parks were reopened, the number of guests admitted and the operational methods were significantly restricted, resulting in a loss for the fiscal year for the first time since the Company went public.
In fiscal year 2021, first of all, our goal is to become profitable again by agilely reforming our business under a new management structure. Over the past year, we have been challenging ourselves and seeking ways to manage our business more efficiently, while maintaining and improving the value of guest experiences. We need to make full use of our experience, flexibly adopt ideas and concepts that are not extensions of the past, and steadily turn the wheels of both solving immediate issues and implementing future growth strategies. In addition to reviewing our profit structure and improving our resistance to unknown fluctuations of demand, it is essential that we fully consider the timing, scale, and effects of new investments, especially in the near term, and make decisions that take into account the impact of cash outflows and amortization on our financial statements. At the same time, we must transform into a sustainable management structure with an awareness of ESG (Environment, Society, and Governance), which is the only way we believe the Company can “be reborn.”
In addition, we are convinced that the new Fantasy Springs area at Tokyo DisneySea, which is currently under development and which will contain many elements that are original to Tokyo, will dramatically enhance the quality of the time spent at the resort. Through the creation of one-of-a-kind values that can be experienced at none other than Tokyo Disney Resort, both in terms of infrastructure and experience, we will continue to evolve the resort so that all guests who visit will feel that they want to come back again. At the same time, we will take on the challenge of researching and developing new businesses to further enhance our corporate value.
Our unchanging corporate mission is to provide “dreams, excitement, joy, and comfort” driven by “free and fresh ideas.” In addition, based on the belief that the “theme park will never be completed,” there is no end or limits to our challenges. No matter how society and values change, the entire Company is determined to take on the challenges of the future, so that we can continue to provide “dreams, excitement, joy, and comfort” and bring many smiles to people for the next 50 to 100 years. Please look forward to the growth and evolution of the Company in the future.
Representative Director, Chairman and CEO, Toshio Kagami
Representative Director, President and COO, Kenji Yoshida