S. Korea Universal park on track
By Kelly Olsen |
January 20, 2010, Wednesday
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Print Edition
Print Edition
DEVELOPERS of a Universal Studios theme park and resort in South Korea said yesterday the project is slated to open in early 2014 after being delayed by the global financial crisis.
Plans for Universal Studios Korea Resort, billed as the largest such Universal project in Asia, were originally announced in May 2007 amid hopes it would be up and running in 2012.
Kim Moon-soo, governor of Gyeonggi Province, where the resort is set to be built, blamed the worldwide financial meltdown for the delay, but said the large-scale project is back on track. Construction is scheduled to start at the beginning of next year, according to a release.
"Our Universal Studios in Korea is bigger than all the other studios combined," Kim said at a press event, referring to theme parks already operating in Orlando, Florida, and Universal City, California, in the United States, Osaka, Japan, and another slated to open soon in Singapore.
"This will be a remarkable landmark in terms of tourism in Korea," he said.
A total of 15 partners are participating in the development, including South Korean conglomerate Lotte Group and builder Posco E&C. They signed a framework agreement yesterday to raise capital for the 3 trillion won (US$2.7 billion) project expected to attract 15 million visitors a year in South Korea and from abroad.
Kim said the project has the backing of South Korean President Lee Myung-bak, a former construction executive. He hinted at frustration with the slowness of central government decision making and approvals for land and infrastructure issues.
"Singapore started one year ahead of us, but they are almost near completion so it's all coming down to speed now," he said.
The Singapore project will open during the first three months of this year, said Universal Parks & Resorts executive Peter Wong.
The developers expect the South Korean project to create at least 40,000 jobs.
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