HONG KONG DISNEYLAND OPENS: IT'S CHEAP!

In sweltering 90 degree weather, Hong Kong Disneyland, the fifth and tiniest Disney theme park, officially opened to the public on Monday. Michael Eisner made a speech from Main Street USA at the park, rhapsodizing about how the last time he stood on that spot it was beautiful Penny's Bay but now the bay has been filled in and covered with stores selling ceramic Snow White figurines and overpriced bags of cookies.

British children said the LA Disneyland was "better" and "had more rides" while Japanese tourists proclaimed, "This park is cheap. I like it!."

The Hong Kong government threw in US$3.5 billion on the park, and they're sweating bullets hoping it will pay off since, as the Asia Times reports, this is one of the most unfair deals Disney has ever struck with a local government - Disney is investing about 10% of the project's cost and is earning almost 50% of its profits, plus an enormous guaranteed royalty every year whether the park makes money or not.

The HKSAR has the world's highest disparity between rich and poor, its poverty rates have been growing steadily for years, it recently abolished estate taxes and cut benefit payments to the elderly (with a "devastating" impacy according to a government report), it has no minimum wage, and it seems to be experimenting with trickle-down economics to fix what's broken.

Does it really need to foot the bill for Disney to open a new park while Disney CEO Robert Iger is talking about trying to build a Disneyland in Shanghai (thus slitting the throat of Disneyland Hong Kong which is supposed to generate huge profits from Mainland visitors)? The success of Disneyland Hong Kong will be leverage for Disney to negotiate terms for a Mainland Disneyland, and for getting the Disney Channel back on PRC television, where it's currently banned. Expect Hong Kong residents to keep asking why the HKSAR is spending its money on Disney's corporate goals.