MGM bulding theme park in South Korea

[johnrose]

Metro Goldwyn Mayer to build movie theme park in South Korea Source: The Canadian Press

 

SEOUL, South Korea (AP) - Hollywood giant Metro Goldwyn Mayer Inc. plans to build a movie theme park in the South Korean city of Busan, the city government has announced.

 

In a news release on its website, South Korea's second-largest city said it signed a preliminary agreement with MGM and its licensing agency Glovit Inc. to build the park.

 

The city government will provide more than 99.2 hectares for the construction of MGM Studio City, which will include multiplex movie theatres, an amusement park, studio sets, a film academy and hotels.

 

Busan is located 453 kilometres southeast of Seoul.

 

Construction on the first phase is scheduled to begin late next year with plans to open in early 2011, the release said. Total investment, if a proposed additional two phases are completed, is estimated to reach about $1 billion US.

 

The regional government forecasts that the park will generate economic benefits of about $1.3 billion in the decade after opening, and create 15,000 jobs annually.

 

The city government expects the theme park to become a key Northeast Asian tourist spot along with Disneylands in Japan and Hong Kong as well as a Universal Studios theme park in Japan.

[Blazen_AZN]

Does MGM own any other themeparks or will this be their first one?