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Jeju Shinhwa World Construction (South Korea)


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Jeju Shinhwa World is part of the new Resorts World Jeju Project currently going up on the South Korean Island of Jeju.

The theme park will have a legends and myths theme overall with areas called Medieval Kingdom, Olympus, Persian Dynasty, The East and Oscars New World.

 

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The Overall resort features a water park, casinos, hotels and a theme park much like Resorts World in Singapore but this time without Universal Studios.

 

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The park itself is under construction already and it appears there is already a fully built Mack Spinner on site. The coaster appears to be a clone of Turbulence at Adventureland with a slightly modified station layout.1174582546_ResortsWorldJeju.jpg.b9afdc4fb9a9889fe925cea9f7f6c4fc.jpg68495142_ResortsWorldJeju2.jpg.b00a131eb09afa95ca8beb4abca363a6.jpg

 

The theme park itself isn't due to open until 2019 however.

 

News Article: http://m.jejudomin.co.kr/news/articleView.html?idxno=87108#05De

Official Site: https://www.shinhwaworld.com/

Edited by larrygator
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Korean parks have been pretty stagnant lately with nothing major for quite a while, not sure why but a lot of the parks have suddenly started expanding and it's great! Two parks that were relatively unchanged installed Zamperla air races and 360 swings, there's a B&M Dive Coaster and Zamperla Thunderbolt coming (not excited for that but at least something new is coming), Legoland and this project as well as talks again about some of the Incheon projects. Sadly still no Universal Studios near my house 8 years later though.

 

From what I've heard of this project and even the site you have listed has a picture of flight times, their big push with this seems to be aiming more for bringing in the Chinese tourists/cashing in on China's theme park boom than aiming at the Koreans.

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Lionsgate are now involved with this park:

 

Audiences that raved about novel-based science fiction adventure film franchise "Hunger Games" will be able to experience the thrill at a theme park on Jeju Island.

 

Landing Jeju Development, a wholly owned subsidiary of Landing International Development Limited, said Wednesday it signed with the United States' Lionsgate, the franchise's distributor, to build "Lionsgate Movie World" as part of recreational resort complex Jeju Shinhwa World now under construction.

 

The theme park, built over 122,000 square meters, will be Lionsgate's first branded outdoor park and the biggest among the studio's location-based entertainment businesses.

 

The park will have seven zones, each themed around different blockbuster movies and featuring reproduced streets and towns, rides, 4D experience halls, restaurants, cafes, souvenir shops and entertainment performances. The thematic movies include the "Hunger Games," "Twilight Saga" and "Now You See Me" franchises and "Robin Hood," to be released next March.

 

The five "Twilight" films grossed more than $3.3 billion worldwide, while the four "Hunger Games" movies raked in $2.9 billion.

 

Yang Zhihui, chairman and executive director of Landing International Development Limited, said: "We are very excited to have the first Lionsgate Movie World at Jeju Shinhwa World, bringing Hollywood movies and their immersive environments to our theme park to deliver a premium guest experience.

 

"With Lionsgate's success in the content creation industry, we strongly believe that Lionsgate Movie World at Jeju Shinhwa World will enhance our offerings and further strengthen Jeju Shinhwa World's market position as a desired tourist destination in Jeju."

 

Lionsgate CEO Jon Feltheimer said: "Under the leadership of Tim Palen, Kerry Phelan and Jenefer Brown, and driven by a valuable portfolio of intellectual property, we have built a global location-based entertainment business in just three short years, and Lionsgate Movie World promises to become one of its crown jewels."

 

The park's construction will begin next year and it will be open for business in 2019.

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I couldn't find the article on the main site by searching so I screenshotted my phone, the park will open September 30th. This coincides with an almost unheard of 10 day national holiday period. Coincidentally I am also visiting that island for the first time since I came to Korea that week.

 

Not sure if I will visit the park though. I'm not a first kind of guy and with it being opening and that big national holiday I think the island will be packed, it's already the worlds busiest air route and that is the busiest week so might be better to hold off and enjoy the park a few years later than be packed now. Maybe I'll see towards the end of my holiday what the crowds are like. The attractions list is mostly kids rides for $40 right now. I believe most adult rides will come with Lionsgate Park (which may be a separate gate from this kids area with the mack spinner) The site lists Lionsgate park as opening in 2019 with rides/attractions for these films:

 

+ The Hunger Games

+ Now You See Me

+ Divergent

+ Saw

+ The Cabin in the Woods

+ Robin Hood

+ The Twilight Saga

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Glad to see new parks in Korea! We really want to go back, but it's been hard to justify the cost and time for a visit with so little new to us.

 

On the non-park side of things for you guys, they've opened a Kidzania and one of those monster sports places with the crazy climbing walls in Korea recently.

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We passed the park, the crowds didn't look too bad considering how many tourists were on the island this week and most places we visited car parks were overflowing, I saw blogs mentioning lines of around an hour when they went and apparently there is an x pass, whether you can buy or it's part of staying at the hotel we aren't sure. We debated going but with only around 8 rides and really only 2 of those I would be interested in, it didn't seem fair to my wife and son.

 

The park looks really nice but with such a small line-up it seems more of a beautifully themed resort add-on to get people into the hotel than a gated park. Maybe when the second gate themed to Lionsgate movies opens next door we will re-visit since it's only a 50-minute flight to the island.

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Seems this project may be in jeopardy. The article says paused but we've seen a lot of projects both in existing parks or announced new parks that get scrapped pretty often in Korea so it could just be a long pause but with attendance woes and a big holder arrested I'd be surprised.

 

I think I mentioned this before, we drove right past Shinhwa World and didn't stop. I've never been interested in doing exclusives or rushing to be the first with a TR and with only the park open, with quite a small park line-up, and the water park and Lionsgate both not opened we skipped past it. Seems it hasn't got much attention since opening either.

 

7th afternoon Jeju Shinhwa World, Andeok-myeon, Seogwipo-si, Jeju-do. Some of the facilities, such as coffee shops and kids cafes, were the largest complex resorts in Korea. There were only three customers at the table. As the number of casino users decreased, the Jeju Tourism Organization Duty Free Shop in the same building was also hard to find. Due to the sluggish casino business, which plays a major role in resort profits, the second phase of the project, which is scheduled to open in 2020, is likely to be disrupted.

 

Yang Xin Hui, the largest shareholder of Ramjeong Jeju Development Co., Ltd., an investment company in Jeju Shinhwa World, was arrested at Phnom Penh Airport in Cambodia on August 23, and has been facing the biggest crisis since the opening of Jeju Shinhwa World. In response to the arrest, Hong Kong and local media reported that they were caught in the Chinese public in connection with China's financial industry corruption case.

 

Both presidents have been arrested and the number of casinos dedicated to foreigners in Jeju Shinhwa World has plummeted, putting pressure on management. Jeju Shinhwa World moved the casino at the Hyatt Hotel in Jungmun Tourist Complex in Seogwipo City to Jeju Shinhwa World in February. In March, casino revenues reached KRW 11.8 billion in June and KRW 11.7 billion in June. In August, the company posted a deficit of KRW 20.6 billion and lost KRW 3 billion in September. As complex resorts are the main business of casinos, sluggish casino sales have a negative impact on overall management. A Jeju Shinhwa World official said, “There is no information on the current status and behavior of the chairman. Although the chairman is a major shareholder, there is no problem because the company operates around the board. ”

 

The company says normal operations are working, but there are concerns about the phase 2 business. Phase 2 projects include Shinhwa Resort, Lionsgate Movie World, and Four Seasons Hotel. Shinhwa Resort, a lodging facility, is undergoing business with the goal of opening later this year. However, the construction of Lionsgate Movie World, an outdoor theme park led by American film production and distribution company Lionsgate, and the construction of a global brand, Four Seasons Hotel, were temporarily suspended. In order to obtain approval for the building permit, Ramjeong Jeju Development Co. canceled the application in consultation with Jeju-related departments. Although water and sewage facilities problems due to backwater pipe backflow are surface reasons, it is observed that the arrest of both venues will be the decisive factor. Yang founded Landing International in Hong Kong in 2013 for the Jeju Shinhwa World project. Ramjeong Jeju Development, a local subsidiary in Jeju, borrowed KRW 1.72 trillion from Landing International. Ramjeong Jeju Development raised KRW 250 billion through investment securities firms in June last year to promote the second phase of the project. The maturity of the 150 billion won loans is at the end of September 2019 and the remaining 100 billion won is at the end of September 2020. If the phase II project does not work properly, debt burdens will likely increase.

 

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Quote

ome W14.5 billion in cash has vanished without a trace from the safe of the Landing Casino in the Shinhwa World Marriott Resort on Jeju Island (US$1=W1,092).

Around 1,100 CCTV cameras were running in the casino, but someone managed to pull off the heist undetected and make off with the stash of crisp W50,000 bills weighing 290 kg.

Also gone without a trace was a 55-year-old Malaysian woman who had been assigned to manage the cash. She went on holiday late last month and has not returned to work.

Shinhwa World was established by Chinese real estate conglomerate Landing Group, which invested W1.7 trillion in the hotel and casino via its Hong Kong subsidiary, Landing International. The foreigners-only casino is the second largest in Korea after Paradise City Casino in Incheon.

When the woman did not return, the casino launched an audit, which led to the discovery on the evening of Jan. 4 that the W14.56 billion were gone from the safe. The cash was stored in the safe in a secret office close to the gambling floor rather than the casino's official safe that also contains the chips, which is why the casino discovered it so late.

The 50 sq.m secret office is filled with wall safes. A Landing Casino source said, "Only a small handful of people who work at the casino know about the room, and only a few people, including [the Malaysian staffer], are allowed in there." 

Why so much money was stored in the secret vault is a mystery. "Sometimes huge amounts of cash are kept in storage to impress and attract more customers, but it's quite rare to store hundreds of billions of won." an industry source said.

Landing Entertainment Korea, the operator of the casino here, in a statement said the money "is not related to the operation of the casino but had been deposited with the local entity by Landing International. It will not affect the operation or finances of the casino," it added.

It is not clear if that was all the cash that was stored there and why the Hong Kong office kept it here.

Observers speculate that the money could be linked to the arrest of Landing International chairman Yang Zhihui by Chinese police. The casino generated W369.4 billion in revenues in just four months after it opened in 2018. That is three times the money the eight other casinos in Jeju earned in 2017. The main clients are Chinese nationals.

But the conglomerate faced a major crisis when Yang was arrested by Chinese public security agents in Cambodia in August 2018. At that time, press reports linked his arrest to a corruption scandal involving the ex-chairman of China's largest investment fund, Huarong Asset Management. The ex-chairman, Lai Xiaomin, was recently sentenced to death for corruption.

After being investigated by Chinese state security, Yang returned to the helm of Landing International in Hong Kong, but he seemed to be a different person. He became a recluse and kept a distance from managing Shinwha World and Landing Casino.

Heavyweight gamblers from China stopped visiting Landing Casino and withdrew money they had deposited there, causing losses of some W3 billion at one time.

The Malaysian woman was apparently close to Yang, and insiders believe it was Yang who sent her to manage his funds at Landing Casino. The woman apparently communicated primarily with the Hong Kong office and barely interacted with executives in Korea, raising suspicions that the disappearance of the money could be the work of more than just one person.

Police have identified the Malaysian woman as the prime suspect, but it remains a mystery how she could have simply walked off with a stash that weighed almost 300 kg.

Analysis of CCTV footage around the secret safe apparently shows no evidence of the woman walking away with the entire stash. "CCTV camera footage is usually stored for a month. Analysis of footage before a month ago could lead to more information," a source at the casino said.

Police believe the woman walked off with small portions over a longer period and are also eyeing the possibility of one or more accomplices. They are also tracking exchanges or wire transfers.

The woman is believed to have left Korea already, but there is little chance that she departed with the money in a suitcase since the bulk would have caught the attention of customs officials.

Source

 

In other news, I mentioned how we skipped this park on our last visit, because we couldn't justify the price or time on an all day ticket when the park had only a handful of rides. Especially when most of the island's many tourist attractions are designed to be quick visit places. Seems the park has realized this too because it's now a free entry park so if you just want the Mack spinner credit a single ride ticket is 4,000 won (around $4), 3 rides at 11,000 won ($11) or 5 rides at 18,000 ($18) but honestly at that point you might as well get the unlimited pass for 20,000 ($20)

 

I wonder if people weren't going due to the price, we were there very close to it's opening week during Korea's busiest holiday and we decided it wasn't worth paying around 39,000 back in 2017. For the price to be cut by half is quite a big drop.

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