Universal agrees to park plans in S. Korea

Universal Parks & Resorts and South Korea’s Gyeonggi province said today that they had agreed on plans for a $3.1-billion theme park to be built south of Seoul.

The park in the city of Hwaseong is set to open in 2012 and will lead to the creation of more than 58,000 jobs, according to a news release from Universal Parks & Resorts, the operator of Universal Studios theme parks, and Gyeonggi province.

The two parties will sign a formal agreement later today, the statement said.

Universal Parks & Resorts, a division of General Electric Co.’s NBC Universal, operates parks in Orlando, Fla., and Universal City, as well as in Osaka, Japan.

The parks include attractions based on Universal films including “E.T. the Extra-Terrestrial” and “King Kong,” as well as movies made by other studios such as “Spider-Man” and “Shrek.”

Universal, which first announced plans for a park in South Korea in May, is cooperating with South Korean partners including Posco Engineering & Construction Co., a unit of steel maker Posco.

Universal Parks & Resorts is also developing Universal Studios parks in Singapore and Dubai.

The location, about 20 miles south of Seoul and close to the international airport in Incheon, will be conducive to attracting both South Korean visitors and those from nearby China, the release said.

Plans are for the facility to include a convention center, hotels, golf courses and an outlet mall, the release said.