January 20, 2010 12:09
Lotte Group will join the construction of a Universal Studios theme park in Korea. The Universal Studios Korea Resort will be built in Hwaseong, Gyeonggi Province starting March next year.
The theme park will be Asia's largest on some 4.4 million sq.m. with a budget of about W3 trillion (US$1=W1,128). It will consist of a water park, a theme hotel, a condominium, a merchandise store and a golf course. The opening is slated for early 2014.
Gyeonggi Province said a memorandum of agreement was signed in Seoul on Tuesday in the presence of Governor Kim Moon-soo, Lotte Group vice chairman Shin Dong-bin, and Universal Parks and Resorts CEO Thomas Williams.
Under the memorandum, partners in the project finance firm which will take charge of the resort's construction and management are expected to raise the capital according their individual stakes.
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