(Yicai Global) Jan. 10 -- Hong Kong's Ocean Park theme park is seeking more than HKD10 billion (USD1.3 billion) in government funding to keep its doors open amid the fourth straight year of losses. 

Ocean Park has asked for an injection from the local government to upgrade its services and to attract more tourists, the National Business Daily reported today.

The marine-themed attraction made a loss of HKD557 million (USD71.7 million) in the fiscal year ended June 30, 2019, according to its earnings report. The 43-year-old site has been suffering from intensifying competition with the region's other theme parks, including Hong Kong's Disneyland and Zhuhai's Chimelong Ocean Kingdom.

From last July to December, visitor numbers fell by over 60 percent from a year earlier amid Hong Kong's economic slowdown and ebbing tourism, the resort's spokesperson told the same news source. The situation is not likely to improve in the short-term, the person added.

Ocean Park, which used to be a popular destination for mainland tourists, is probably going to report even worse results next fiscal year because Zhuhai and other mainland cities have built larger and better theme parks, said Yiu Si-wing, a member of the special administrative region's legislative council.

The market environment is becoming more fierce so Ocean Park needs to respond to the cost pressures by investing more in infrastructure, Chairman Leo Kung Lin-cheng said earlier. 

Ocean Park came in 20th in the 2017 list of the world's best theme parks, according to the Themed Entertainment Association and AECOM. Shanghai's Disney Resort was 8th, Chimelong Ocean Kingdom 11th, and Hong Kong Disneyland 18th. 

Editor: Emmi Laine