Warner Bros. to Build Theme Park in Korea

      February 15, 2008 05:10

      Warner Bros., a major American movie studio, has decided to invest US$4 billion to build a theme park in the Misari area of Hanam, Gyeonggi Province, a key member of the presidential Transition Committee said on Thursday.

      This committee member said that Warner Bros. chairman Barry M. Meyer and executive vice president John Schulman are expected to attend the inauguration ceremony of president-elect Lee Myung-bak on Feb. 25.

      The executives are visiting Seoul to sign a letter of intent to build the Warner Bros. Theme Park on a 3.63 million sq.m lot in Misari, the committee member said. They are expected to sign the letter of intent for a $4 billion investment around Feb. 26 or 27 after consulting with the Gyeonggi provincial government, the Ministry of Construction and Transportation, and the Ministry of Culture and Tourism.

      Warner Bros. joins several other developers with plans to build theme parks in locations around the Seoul metropolitan area over the next few years. Universal Studios, another major American movie company, signed a memorandum of understanding late last year to build a giant theme park in Hwaseong, Gyeonggi Province for W2.9 trillion by 2012 (US$1=W945).

      Paramount Pictures signed a contract to build a movie theme park in Songdo International City in Incheon with a view to opening in 2010.

      When president-elect Lee was mayor of Seoul, the Walt Disney looked into building an amusement park on the site of Seoul Land or Seoul Grand Park in Gwacheon, Gyeonggi Province. That plan is still pending due to a legal battle over the land lease.

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