Universal Studios signed an agreement on Tuesday to build a $2.7 billion theme park in South Korea. Two major South Korean companies – Lotte and POSCO – were the major players in the deal. The project is likely to boost South Korea’s economy.
[Tom Williams, Chief Executive, Universal Parks and Resorts]:
"The economic impact from this project will be very significant. Not only will this project have dramatic economic benefit throughout the country, but it should also transform the tourism business here in South Korea."
Lotte is the country’s second-largest retailer, and POSCO is one of the world’s top steelmakers.
Construction is set to begin in 2011. This includes the movie theme park, water park and resort, including a golf course and condominiums. It’s due to open in early 2014 in Hwaseong City, near Seoul.
Universal Studios already has parks in Osaka, Japan and is opening one in Singapore, as well as in Los Angeles and Orlando in the United States.