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Wed, Nov 28, 2007 - Page 10 News List

S Korean Universal Studios theme park finds site location

AP , SEOUL

Developers of a Universal Studios theme park and resort in South Korea said on Tuesday they have agreed on a site for the 2.9 trillion won (US$3.1 billion) project just south of Seoul they hope will serve as a draw for visitors from China.

USK Property Holdings Co, Universal Parks and Resorts Co's local representative, a provincial government south of Seoul and other partners said plans are for the park to be completed by the spring of 2012 and that 58,000 news jobs would be created.

Gyeonggi Province Governor Kim Moon-su said the project "will give momentum for the nation ... to increase inbound tourist receipts from China and southeast Asia" and will bring "enormous cultural and economic effects."

The location, in the city of Hwaseong, is about 30km south of Seoul and also close to its main international airport in Incheon, officials said.

The facility will include a convention center, hotels, golf courses and an outlet mall, they said.

USK Property Holdings has an agreement to be the representative for Universal Parks & Resorts to search for, develop and operate a Universal Studios theme park, USK Property president Frank Stanek said.

Stanek said the project would be the biggest investment ever made into a Universal Studios theme park at the time of opening and would be the largest in physical size internationally for Universal.

Universal Parks & Resorts, a division of General Electric Co's NBC Universal, operates parks in Orlando, Florida, and Hollywood, California, as well as in Osaka, Japan. The company is also developing Universal Studios parks in Singapore and Dubai.

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