The queuing area at the ticket office of the Ocean Park in Hong Kong, south China, Aug. 20, 2019. (Xinhua/Mao Siqian)

The Hong Kong Ocean Park said on Wednesday that its net deficit for the 2018-2019 fiscal year ending June 30 widens to around 557 million Hong Kong dollars (71 million U.S. dollars), more than double of about 237 million (30 million U.S. dollars) in a fiscal year before.

In an annual report of financial results from July last year to June this year, Ocean Park's visitor attendances remained stable at 5.7 million, compared with the figure of 5.8 million in 2017-2018 fiscal year.

The Ocean Park saw around 1,734 million Hong Kong dollars (222 million dollars) in revenue, up around 3 percent year-on-year from 1,686 million Hong Kong dollars (216 million dollars) previously, while operating costs increased to over 1,500 million Hong Kong dollars (192 million dollars).

The entrance of Hong Kong's Ocean Park in south China, Aug. 20, 2019. (Xinhua/Mao Siqian)

The resort said the net deficit was caused by investments on new entertainment projects, repairs and maintenance expenses on facilities damaged by Typhoon Mangkhut, as well as expenses associated with new infrastructure and facilities.

The park pointed out that it saw a strong local attendance fueled by Hong Kong resident-exclusive promotions and a growth of individual travelers from overseas markets. The growth momentum in local and overseas individual travelers attendances was countered however by the continued decline in tour group tourists attendances which echoed the worldwide trend of personalization in travel, it said.

Chairman of Ocean Park Leo Kung said in the report that the resort was facing fierce competition and increasingly difficult market environment. Despite cost pressures, it's mandatory for the park to invest in new infrastructure and entertainment offering to lift guest experience and maintain itself as an entertainment destination and tourism hotspot, he added.