Universal Studios Theme Park in South Korea

Universal Parks and Resorts, actually operating four theme parks in Osaka, Japan, Los Angeles and Orlando in the USA and in 2010 also in Singapore (we reported in EAP issue 6/2009), signed, according to www.koreatimes.co.kr, an agreement with 14 other local partners for the construction of a Universal Studios theme park in South Korea. Originally the idea came up already in 2007 with an opening scheduled for 2012 but was eventually pigeonholed due to the financial situation. Thus, a 2.67 billion US dollar (around two billion Euros) resort is to be built in Hwaseong, 60 kilometers from the capital Seoul, until 2014. Two partners of this consortium are the Lotte Group and POSCO E&C, who are, according to media reports, with 26.7 and 24.4 per cent the two largest shareholders. Covering 4.3 square kilometers, the complex will also include a hotel, a shopping center, a water park and other attractions. The operators are expecting 15 million visitors to come yearly into the park and that’s why they “want to work closely with local partners and try to establish Korea as a tourism hub for Asia” as Chairman and CEO of Universal Parks and Resorts, Thomas Williams, says according to www.koreatimes.co.kr. (eap)