Universal Studios revives $2.7-billion resort in South Korea

After many delays due to financial constraints, Universal Studios finally agreed today to revive its plan of building a $2.7-billion theme park in South Korea, its third and largest in Asia.

Universal Parks and Resorts, the theme park division of NBC Universal was able to secure 15 partners and financing from Korean retailer Lotte Group and the world's forth largest steelmaker POSCO to build the $2.7 billion theme park project in South Korea.

POSCO Engineering & Construction will start constructing the theme park in Hwaseong City, 40 kilometres south of Seoul in 2011, which includes a golf course, condominiums, water park and resort.

Kim Moon-soo, governor of Gyeonggi province, where the resort is set to be built, said in release that the park, which was delayed due to the global financial meltdown, will open in early 2014

Speaking at a press event, Kim Moon-soo said that the South Korean theme park of Universal will be bigger than all the other theme parks combined, referring to theme parks of Universal in Orlando, Florida and Universal City.

The 15 South Korean partners will collectively raise $2.7 billion for the theme park, which is expected to attract 15 million visitors a year from within the country and foreign tourists.

The resort will be located close to the main international airport in Incheon in the city of Hwaseong, where nearly half of South Korea's population reside within an hour's drive.

Universal, which is on the verge of being acquired by Comcast Corporation- the largest cable operator in the US, already runs theme parks in Hollywood, Orlando and Japan, while the Singapore park is scheduled to open soon.