Universal Studios to Open Theme Park in South Korea
Universal Studios have finalized plans of building a theme park near Seoul, South Korea after joining with Korean investors to raise the needed 3 billion dollars for development. It has a target completion date of early 2014.
The investors are Lotte Group, the country’s second largest retailer, and POSCO Engineering and Construction Corporation, the world’s number four steelmaker. They have inked the deal with Universal Parks and Resorts (a unit of General Electric Co.‘s NBC Universal) to raise the money. The shares would be 26.7% Lotte and 24.4% POSCO.
The park will be constructed starting next year in Hwaseong City, which is southwest of Seoul and near the airport city of Incheon. It will include a theme park, water park, hotel, condominiums, shopping mall and golf course.
Universal currently have open parks in Hollywood, California and in Orlando, Florida in the United States. Another one is open in Osaka, Japan. There are two parks currently constructed in Singapore (to be finished this year) and in Dubai (to open in 2012).