Theme parks are thriving in Asia

And Disney's existing Tokyo Disneyland has reported no slowdown in business this year.

Despite the hefty entrance fee of 5,500 yen (�32; $46), it is attracting 17 million visitors a year, making it the most successful park in the Disney empire - and therefore the world.

Tokyo DisneySea, which is built around an aquatic theme, including a faithful reconstruction of Venice, is the crowning glory of the firm's Tokyo Disney Resort, a leisure complex grouping the two parks, two hotels and a shopping mall - all linked together by monorail.

On into Hong Kong...

But Japan is only the beginning of Disney's Asian ambitions.

Some day, all this will be theme park

The firm plans to spend $22bn - its most lavish outlay to date - on a theme park in Hong Kong, which could open by 2005.

Some of the money will come from the Hong Kong administration, which is desperate for the 18,000 jobs the site will create.

Although few Asian economies are doing as badly as Japan's almost the entire region is still mired in the after-effects of the financial crisis that swept through in 1997-99.

... and beyond

After Hong Kong, Disney has plans to push on into mainland China.

Chief executive Michael Eisner said the firm was in "constant contact" with the authorities in both Beijing and Shanghai over the location of a Chinese theme park.

At the end of August, the firm launched its first Chinese-language website, which it will use to showcase its films, TV programmes and merchandise.

The firm is confident that it can open several parks in China without fear of poaching visitors from its own attractions.

Vivendi, too, is considering five undisclosed locations for new Universal Studios parks, and is believed to be eyeing Asia particularly carefully.

Why Asia?

At the same time, theme parks aren't exactly booming in Europe or the United States, despite their apparently stronger economies.

Japanese consumers are turning to domestic treats

Slow visitor growth in established markets was blamed by Disney for a recent 3% fall in quarterly profits.

But Asia, it seems, loves theme parks - and Disney theme parks in particular.

Although sociologists are full of explanations involving cultural preferences, the more simple reason may be boredom.

As the region's economies slow, Japanese consumers are less likely to travel overseas, but are still able to stump up the price of a theme-park visit.

In China, the simple lack of glitzy entertainment could prove an equally powerful marketing gimmick, at least in the short term.

While Disney's US and European theme parks have to rely heavily on attracting international visitors, population density in Japan, Hong Kong and certain Chinese regions is so high that a theme park can thrive on purely local custom.

Some 35 million people live within two hours' drive of Tokyo Disneyland, for example.