Construction of Universal Studio Korea Resort (USKR) to be launched in early 2011 at Songsan Green City, Hwaseong, Gyeonggi Province

On the 19th, the representatives of 15 domestic and foreign organizations including Gyeonggi Province Governor Kim Moon-Soo, Universal Studio Chairman Thomas Williams, Lotte Group Vice Chairman Shin Dong-Bin and Posco E&C President Jeong Dong-Hwa, signed a business contract and agreed to raise the capital, at Lotte Hotel in Sogong-dong, Seoul.

Under the contract, 15 investors participating in PFV, including Lotte Asset Development and Posco E&C, will raise the capital based on the agreed quota. The establishment of PFV had already been completed, and Lotte Asset Development and Posco E&C, became the largest shareholders by holding shares of 26.7% and 24.4%, respectively, followed by the remaining investors.

When it is built, USKR will be Asia’s largest global theme park, with a construction budget of about KRW 3 trillion and a site with an area of 4,352,819¢®¡¿?©ª in Songsan Green City, Hwaseong, Gyeonggi Province. USKR PFV, which is in charge of the operation of theme park construction, is the central organization of the project. Water parks, themed hotels, condominiums, premium outlets and golf clubs will be built, and the entire facility will be opened in early 2014.

While there are many types of theme parks in the world, experts have tended to consider Universal Studio and Disneyland as the truly global theme parks. The economic ripple effects they create are beyond the imagination, which is why countries around the world have struggled to attract these parks. Nevertheless, a theme park is one of the most challenging businesses to attract. Currently, the countries in which global theme parks are located are limited to the US, Japan, France and China. Universal Studio operates parks in Los Angeles and Orlando (US) and Osaka (Japan), and is building a new park in Sentosa (Singapore).

Governor Kim said, ??¢®¨¡By attracting the Universal Studio Korea Resort, Korea will be the world’s fifth country to attract a global theme park. This will significantly improve the national image of Korea, and help in the attraction of foreign tourists from China, locating the park at the center of an economic and tourism belt of the west coast.

Theme Park Project Team (031-249-2641)