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HONG KONG—When this Chinese territory welcomed Disneyland in 2005, the government and other investors didn't dream it would take seven years to turn a profit.

The park has finally reached that milestone, a person with knowledge of the park's financial situation said. The reason is largely soaring attendance by mainland Chinese visitors, which now eclipses local patronage.

But happily ever after may yet prove a fantasy.

When the Disney deal was signed in 1999, the park was widely seen as a panacea for Hong Kong's struggling economy, at the time reeling from the Asian financial crisis. The government estimated that the park would provide a $19 billion boost to the local economy over 40 years. In 2009, the government cut that forecast to $15 billion.

In its first year of operation, visitors to Hong Kong Disneyland fell 400,000 short of the park's target of 5.6 million. Disneyland hadn't attracted the flocks of mainland Chinese tourists that Disney and the Hong Kong government anticipated.

On a overcast weekday November morning, Mandarin-speaking crowds packed Hong Kong Disneyland, waiting their turns on classic rides such as Space Mountain and Mad Hatter Tea Cups. Many visitors were overdressed in suits, apparently touring more for the cultural experience than for thrill-seeking.

"This place is very foreign to me," said 50-year-old Yuan Xiaozhi, an interior decorator from the southern city of Foshan, who was visiting the park for the first time with his wife. Mr. Yuan, like many people of his generation in China, is only vaguely familiar with the myriad residents of "the happiest place on Earth," as the theme park is billed.

But thanks to a public-relations campaign, such visitors now account for the biggest share of the park's attendance.

Walt Disney Co., DIS +0.90% which co-owns the theme park with the Hong Kong government, has been stepping up distribution of its television shows across mainland China, and runs nearly 24 hours of weekly programming that could reach more than 300 million viewers. The park works with travel agencies on the mainland to educate tour guides. Buses from neighboring Shenzhen whisk visitors across the border to Hong Kong Disneyland every 30 minutes.

Attendance at Hong Kong Disneyland has risen steadily, to 5.9 million for the fiscal year through September 2011 from 4.5 million in 2008. Analysts expect that the most recent fiscal year was strong as well.

The portion of mainland visitors rose to 45% in fiscal 2011 from 34% in 2006. Local visitors meanwhile accounted for 31%, down from 42%.

But competition from the Shanghai Disneyland, which is slated to open by the end of 2015, could undermine efforts to expand the compact model in Hong Kong. Analysts have attributed the Hong Kong park's weak financial performance to its size—the smallest of Disney's theme parks world-wide.

A Hong Kong government spokesman said the park's investors are discussing plans to build new hotels at the Disney resort, adding to the current two, in hopes of drawing more international tourist traffic.

The park is adding three themed lands. But efforts to expand further have been slowed by pressure from Hong Kong lawmakers, who say the government invested too much in a commercial project that hasn't performed to expectations.

Analysts say Hong Kong Disneyland's financial turnaround could enable the park's backers to develop a more comprehensive long-term development plan, which is especially important in light of Shanghai Disneyland.

A Disney spokesman declines to comment on the park's latest financial figures, saying the results will be released early next year.

For younger visitors, such as 18-year-old college student Zhao Li, the Disney characters are a big draw. Ms. Zhao says she has watched Disney cartoons in China.

She says she enjoyed the park but is critical of its size. "I think I won't come here again because one visit is enough. Instead, I will try the Shanghai Disney park next time," she says.

Disney has said it has room to build more hotels, attractions and other entertainment options.

Eliza Tse, a professor of hotel and tourism management at Chinese University of Hong Kong, says the park should expedite its expansion to shake off its standing as the smallest Disney park.

But she says Hong Kong Disneyland's size also allows visitors quick access to the Disney experience. "This may be useful to mainland Chinese visitors who want to pay a visit to the theme park and also to go shopping during their short visit to Hong Kong," Prof. Tse says.