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Local Name:
유니버셜 스튜디오
22 May 2007
Construction Start:
on hold

  1. World class theme park project will be resumed by Central Government, Gyeonggi provincial government and land owner K-waters. Last ten years Government has been trying World class theme park with Universal Studios Korea twice. This is the third time trying after project has been cancelled since Posco E&C and Lotte World respectively.
    Source: Andy Hyunchul Kim through LinkedIn

  2. Project is open again.

  3. Confirmed, project is closed. Won't happen. Location wasn't right. Infrastructure construction would have been to costly.

  4. CarlySX is offline themeparX Top Investigator
    Join Date
    Dec 2015
    Looks like this project may be fully closed if they don't get the contracts signed in the next couple of weeks.

    The Korean Water Resources Corporation (K-water) and Universal Studios Korea have missed the deadline to sign a contract to develop a Universal Studios theme park in the country.

    Finalised construction plans were due to be submitted by the end of December. The plan to build a Universal Studios amusement park will be cancelled altogether if an agreement is not reached within two weeks reports the Korea JoonAng Daily.
    A K-water representative said, “USK had to come up with a finalized version of a contract for us to sign but they just didn’t do it. We don’t think it is about the details on amount of money for the project but think it is due to the internal issues within USK. We will wait two more weeks for them to submit the contract.

  5. Doesn't look good.

    Korean President Park Geun-hye’s ambitious election pledge to reinitiate the project to establish a Universal Studios theme park in Hwaseong, Gyeonggi Province, is again facing dissolution amid the ongoing political scandal engulfing her presidency.

    According to the Korea Water Resources Corporation (K-Water) and Universal Studios Korea, which are overseeing the project, the negotiation process has ground to a halt with recent uncertainties surrounding the government and related businesses.

    The 5-trillion-won ($4.23 billion) project, which was said to include a Universal Studios theme park, a water park, and a K-wave theme park, already missed a business agreement deadline initially set for August, which was extended to December of this year.

  6. melicia is offline Park Investigator
    Join Date
    Oct 2016
    Wasn't this cancelled?

  7. Michael is online now themeparX Top Investigator
    Join Date
    Mar 2016
    Universal Studios has still yet to be sufficiently funded, causing more delays in getting the theme park off the ground

    The Korean Water Resources Corporation (K-Water) failed on Tuesday to sign a contract with Universal Studios Korea (USK) to build a Universal Studios amusement park in Hwaseong, Gyeonggi. The first deadline for concluding a contract was Aug. 31.

  8. Michael is online now themeparX Top Investigator
    Join Date
    Mar 2016
    Universal Studios Korea is having trouble with the funding of the project:

    South Korea is facing rough sailing in its ambitious plan to build a Universal Studios theme park south of Seoul due to a row over how to bankroll the big-budget project, sources said Tuesday.

  9. Michael is online now themeparX Top Investigator
    Join Date
    Mar 2016
    Universal Studios project likely to fall through

    A plan to build a Universal Studios theme park in Hwaseong, Gyeonggi Province, is facing rough going as negotiations aren’t proceeding smoothly within the consortium.

    According to the Korea Water Resources Corporation (K-Water), the parties to the project are having difficulties reaching an agreement on some issues including how much of a stake each will have in the project.

    “We previously announced that the deal would be signed by the end of June, but it is likely to be delayed until August,” said a K-Water spokesman.

    The statement follows a local media report that the project, which was one of President Park Geun-hye’s election pledges, is about to fall through.

    K-Water announced back in December that it selected the USK Consortium as the preferred bidder for the project.

    The consortium is composed of Universal Studios Korea Property Holdings, Daewoo Engineering & Construction, Dohwa Engineering of Korea and the China State Construction Engineering Corporation. K-Water, Gyeonggi Province, Hwaseong and the Korea Development Bank (KDB) are also participating in the consortium.

    K-Water had said that by the end of June they would sign an agreement to open the theme park, which is to be the fifth Universal Studios park, by 2020.

    The 5 trillion won project includes a Universal Studios theme park, a golf resort, a water park, a shopping center and condominiums on a 4.2 square kilometer plot.

    The project drew attention as it could attract an increasing number of foreign tourists because it is located about an hour from Seoul by car and is close to Incheon International Airport.

    According to a media report, however, those participating in the consortium are concerned with uncertainties. Investors doubt the plan will build momentum as the Park Geun-hye administration is heading toward the end of its five-year term.

    KDB is also facing restructuring pressure from shipbuilding and shipping companies, for which it is the main creditor, and is sitting on snowballing debt.

    The K-Water spokesman said that members of the consortium are having problems reaching a consensus, but stressed that this doesn’t mean the project will fall through.

    “We expect that a detailed plan will be set in August. It will be announced after the appointment of our new CEO that month. If construction begins around the end of this year as planned, it will open in 2021.”

    K-Water’s former CEO Choi Gye-woon suddenly quit in May, six months ahead of the end of his term. The sudden resignation prompted suspicion that he was pressured to quit so that the post could be taken by a governing Saenuri Party politician who lost in the April 13 general election.

    Analysts say that this contrasts with other countries where governments are giving full support to attract global theme parks, such as Shanghai Disneyland and Tokyo Disneyland.

    Economists estimate the opening of Disneyland in Shanghai will have a 35 billion yuan (6.2 trillion won) economic effect on China’s tourism industry, raising Shanghai’s regional GDP by 0.8 percent.

    The Universal Studios project in Hwaseong was first led by Lotte Group, but it backed out in 2012 after failing to reach an agreement on the land price with K-Water. “Back then, Lotte had to buy land from K-Water due to regulations, which was too burdensome for Lotte amid the global financial crisis. With a revision of the law, K-Water is now providing the land as an investor,” the K-Water spokesman said.

    Experts point out that the government should note that theme parks are a major part of tourism infrastructure, instead of pressuring them with a myriad of regulatory hurdles.

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