Founder Chiharu Kawasaki | Industry Travel Headquarters Japan Founded 1960 | |
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Native name 株式会社オリエンタルランド (Kabushikigaisha Orientaru Rando) Traded as TYO: 4661BlSX: OLLOTC US: OLCLFOTC ADR: OLCLY Stock price 4661 (TYO) JP¥ 6,440 +161.00 (+2.56%)24 Mar, 3:00 PM GMT+9 - Disclaimer CEO Toshio Kagami (29 Jun 2005–) | ||
The Oriental Land Company, Limited (株式会社オリエンタルランド, Kabushikigaisha Orientaru Rando) TYO: 4661 is a Japanese leisure and tourism corporation headquartered in Urayasu, Chiba, Japan. The company owns the Tokyo Disney Resort in Urayasu. The company operates in three segments Theme Park, Hotel Business, and Other Business.
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The Company pays Disney for character and likeness licenses and royalties, and Disney consults and contract out Imagineers to the company to design and build Tokyo Disneyland Park as well as a second theme park, Tokyo DisneySea.
History
The Oriental Land Company was founded in 1960. The company was developing Maihama, an area of land in Urayasu that was created through Land reclamation. Two years later, the company contacted Disney about building a theme park. OLC was also building a few shopping centers in Chiba prefecture.
In 1979, Oriental and Disney agreed to build the theme park. Tokyo Disneyland opened on 000000001983-04-15-0000April 15, 1983 on 200 acres in Maihama. The company borrowed $1.4 billion for Disneyland which they paid off in 3 years.
Disney announced in 000000001995-11-01-0000November 1995 the building of Tokyo DisneySea to be owned by Oriental next to the Tokyo Disneyland. Oriental and Disney signed the DisneySea licensing agreement in 000000001997-11-01-0000November 1997 with the theme park to open in 2001 at a cost of $2.6 billion. In 000000001999-05-01-0000May 1999, the company sold two sets of bonds, $200 million in quake bonds and $406 million of bonds to fund DisneySea. DisneySea opened on 000000002001-09-04-0000September 4, 2001 at only $.2 billion over budget.
In 2000, OLC formed Ikspiari Co., Ltd. to run Ikspiari.
Even though the Disney Stores maintained strong sales, mounting cost of sales and operation and the loss of key executives who had driven the Disney Stores to success led The Walt Disney Company to convert the Disney Stores into a licensed operation. The Japanese stores were sold to the company in April 2002 and placed into Retail Networks Co., Ltd. subsidiary.
In October 2008, Oriental Land Company announced that it and Disney had shelved plans for a new Disney complex in a major Japanese city. The company and Disney had spent more than a year studying an urban-style amusement facility for 2010 or later, but ended planning due to low profits expected versus the investment. The firm said it would continue to explore possibilities for a new business, which might not involve Disney.
The Oriental Land Company announced an agreement that it would sell Retail Networks Co., Ltd., its Japanese Disney Stores, back to The Walt Disney Company. Disney took over beginning on March 31, 2010, Retail Networks Co., Ltd., Oriental Land Company subsidiary owning the Disney Stores in Japan. OLC's hotel subsidiary, Milial Resort Hotels Co., Ltd. purchased on 000000002013-03-29-0000March 29, 2013 the Brighton Corporation, another hotel company.
On 000000002015-08-31-0000August 31, 2015, Create Restaurants Holdings Inc. fully acquired RC Japan Co., Ltd. from Oriental Land Co., Ltd. for 65 million yen.