Hong Kong Ocean Park does not rule out shutting down its Water World facility to prevent further deficit and will “actively consider” if the government is willing to take over operating rights, its chairman has revealed.

Paulo Pong Kin-yee admitted on Thursday that the theme park’s HK$274.7 million (US$31.8 million) deficit over the past year was primarily driven by its water attraction.

When asked whether the park would close the facility to balance the books, Pong said the option was not off the table.

“I do not dare completely deny this possibility,” he told a radio show. “We will have to discuss this with our stakeholders.”

Speaking on another radio show, Pong said the park “will not rule out any options” when asked whether Water World might be handed over to the Leisure and Cultural Services Department.

He said the park would “actively consider” if the government was willing to take back the operating rights.