Universal to build park outside Seoul

U.S. studio to work with Lotte, slated to open 2014

SEOUL -- Universal Studios announced it will build Universal Studios Korea Theme Park and Resort in Hwaseong City on the outskirts of the South Korean capital by a consortium of reputable South Korean conglomerates led by Lotte Group.

Universal Studios Korea Resort will include a state-of-the-art Universal Studios theme park, Universal CityWalk, a retail dining and entertainment complex, an 18-hole golf course, themed hotels, a water park, premium retail outlet and hypermarket as well as condos.

"Korea is a great business opportunity for Universal Parks & Resorts. We are excited to be working with an esteemed group of Korean corporations under the leadership of Lotte, and we are thankful for the strong support of the Korean government," said Tom Williams, Chairman and CEO, Universal Parks & Resorts, after signing a Framework Agreement in Seoul on Tuesday.

In December, the Korean Ministry of Land, Transport and Maritime Affairs announced the Metropolitan Transportation Improvement Plan, which confirmed various highway and railway extension plans were underway to provide the necessary transportation infrastructure for USKR.

"Universal Studios Korea shows our continuous commitment to growing our business in Asia," said Williams. Steven Spielberg, a UPR consultant, is expected to participate in the USKR project.

The construction commences next year and is scheduled to open in early 2014.