Development History
Universal Studios South Korea was first announced on May 22, 2007 by Frank P. Stanek, the president of USKOR and Associates. While the announcement confirmed that they intended to construct a park in the country, USKOR declined to elaborate on other major details, such as a location and a construction budget, although local officials in the Gyeonggi Province stated that Ansan and Pyeongtaek are among the candidates to host the park. On November 27, 2007 Universal Parks & Resorts announced that the park will be constructed in Hwaseong City, located south of Seoul and also near Incheon International Airport, and has been allotted a budget of USD $3.1 billion.
The selection of South Korea for another theme park was based on many factors. Thomas L. Williams, president of Universal Parks and Resorts, specifically mentioned the country's strong economic growth and its love of American movies. He also noted that approximately half of South Korea's population lived near Seoul. The nation's proximity to China was not lost on the development team. Stanek said, "What we are hoping to do is to bring in a world class attraction not only for the Korean people but to draw tourism to this country."
Gyeonggi Governor Kim Moon-Soo estimates that Universal Studios South Korea could generate 2.9 trillion won (USD $3.2 billion) in foreign investment, 190 million won per year in tax revenues and 60,000 new jobs.
In January 2010, developers of the Universal Studios theme park and resort in South Korea said 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 the province in which 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 one finished some parts of construction 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 on January 19, 2010, to raise capital for the 3 trillion won ($2.7 billion) project expected to attract 15 million visitors a year in South Korea and from abroad.
Read more about this topic: Universal Studios South Korea
Famous quotes containing the words development and/or history:
“Men are only as good as their technical development allows them to be.”
—George Orwell (1903–1950)
“Considered in its entirety, psychoanalysis won’t do. It’s an end product, moreover, like a dinosaur or a zeppelin; no better theory can ever be erected on its ruins, which will remain for ever one of the saddest and strangest of all landmarks in the history of twentieth-century thought.”
—Peter B. Medawar (1915–1987)