According to Yonhap News,

(SEOUL=Yonhap News) Twentieth Century Fox, a global entertainment company, will invest in the development of an integrated leisure and resort complex in Jinhae, South Gyeongsang Province.

Twentieth Century Fox will build a Fox theme park that has rides and attractions related to their films.

South Gyeongsang Province, Twentieth Century Fox Consumer Products and Village Roadshow signed a memorandum of understanding (MOU) to develop a global theme park and resort in the Busan-Jinhae Free Economic Zone on July 16 at the Korea Press Center in Seoul, Korea.

It will be the first theme park in Korea to be built by a major entertainment company.

South Gyeongsang Governor Hong Joon-pyo, Fox Consumer Products President Jeffrey Godsick and Village Roadshow CEO Tim Fisher attended the MOU signing ceremony.

The three parties will invest USD 3.5 billion by 2018 to build the resort in the 2,838,000 ㎡ Busan-Jinhae Free Economic Zone. The resort will have a Fox theme park, water park, six-star hotel, casino, theatre, premium shopping outlet, an 18-hole golf course, a condominium and marine sports facilities.

The theme park, to be the symbol of the resort, will be built on 303,025 ㎡ of land. Visitors will be able to enjoy and experience the storylines of the most beloved films and TV series produced by Twentieth Century Fox. They include “Titanic,” the “Alien” series, “Ice Age” and “Planet of the Apes.” Twentieth Century Fox Consumer Products provides property licensing and marketing for Twentieth Century Fox Film, 20th Century Fox Television and the Fox Broadcasting Company.

Village Roadshow Theme Parks, a subsidiary of the international media and entertainment company Village Roadshow, is a global theme park operator that provides rides to Australia, the United States and China.

South Gyeongsang Province expects the integrated resort complex to attract more than 1,000 domestic and foreign tourists annually with KRW 5 trillion in economic effects and KRW 2.2 trillion in value-added.

The location of the theme park could not be more ideal, as it is near Gimhae International Airport, which has 29 international routes and is 2.5 hours from Seoul by KTX.

South Gyeongsang Province and Twentieth Century Fox will complete the feasibility study on facilities by October, establish a special purpose company (SPC) by later this year and begin construction in 2015.

chunjs@yna.co.kr

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Source Text

Source: Yonhap News (July. 16, 2014)

** This article was translated from the Korean.