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Merlin announces agreement to open LEGOLAND Korea

Discussion in 'News & Rumours' started by Offical_Pitchnoir, Jan 10, 2019.

  1. Offical_Pitchnoir

    Offical_Pitchnoir New Member

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    Merlin Entertainments (“Merlin”), a global leader in location-based entertainment, today confirms that it has entered into a partnership agreement with the Gangwon Provincial Government to build a LEGOLAND Park in South Korea, scheduled to open by 2022.

    LEGOLAND Korea will be situated upon the island of Hajungdo in Chuncheon, located approximately one hour’s journey east of Seoul and within a 2-hour drive time of nearly 24 million people. The fullscale theme park resort will also incorporate a fully themed LEGOLAND Hotel upon opening. It will employ 1,600 people and is expected to provide an economic boost to the city of Chuncheon and the surrounding region.

    The total cost of the resort, including the on-site accommodation, is expected to be KRW 290 billion (£205 million1). Merlin will invest KRW 210 billion (£148 million) into the development of the resort, which will be fully owned and operated by Merlin.

    The remaining funding of KRW 80 billion (£56 million) will come from LL Developments, the investment arm of Gangwon Province. Additionally the funding for necessary additional infrastructure adjacent to the resort will be provided by national, regional and local governments.

    It will be Merlin’s tenth LEGOLAND Park, following LEGOLAND New York’s scheduled opening in 2020. Merlin is also in advanced discussions with third parties about a number of sites for LEGOLAND Parks in China and continues to see opportunity for 20 LEGOLAND Parks around the world, over time.

    Nick Varney, Merlin’s Chief Executive Officer, said: “It’s been long in gestation, but I’m delighted that we are now in a position to move forward with opening LEGOLAND Korea Resort. We know Koreans love theme parks and love LEGO, and together with the Gangwon authorities, we have already established an attractive and well-connected site in Chuncheon. We look forward to accelerating progress with our partners who have contributed significantly with funding and infrastructural support, and to welcoming our first guests to LEGOLAND Korea Resort.

    We remain excited about the potential of LEGOLAND Parks, the roll out of which is a strategic growth driver for
    Merlin, and we continue to look at opportunities for further sites around the world.”

    As part of the ongoing relationship, the Korean Government, Gangwon Province and Chuncheon City have already invested in the construction of a new bridge to Hajungdo island and undertaken groundworks on the site. Further retail and complementary leisure offerings are planned as part of the island’s overall development.

    The LEGO brand was introduced to South Korea in 1984 and quickly established itself as one of the country’s best loved toy brands. The LEGO brand is a market leader and South Korea has developed to become LEGO Group’s third largest market in Asia Pacific.

    Merlin also operates a SEA LIFE Centre in Busan, South Korea.

    1 Based upon a KRW/GBP exchange rate of 1418 as at 03 January 2019.
    This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation
    (EU) No 596/2014.
    SOURCE
    SOURCE
     
  2. Ethan

    Ethan Well-Known Member

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    I love it. They invest in a new park despite that their existing parks are literally falling apart and suffering. Honestly it's iconic and I'm living for it?
     
  3. roomraider

    roomraider Best Topic Starter

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  4. caffeine_demon

    caffeine_demon Well-Known Member

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    I wonder if it will be any less bland than the Dubai effort...
     
  5. gavin

    gavin Administrator Staff Member Administrator Moderator Social Media Team

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    All the new ones are pretty much identical. I wouldn't expect this one to be any different.
     
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  6. Cranedude

    Cranedude Member

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    According to the article on the main page, they found prehistoric ruins on the site and construction ground to a halt faster than Steam's Screenshot Uploader.
     
    Last edited: Jan 16, 2019
  7. Hixee

    Hixee Flojector Staff Member Administrator Moderator

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    Is this a meme?
     
  8. Peet

    Peet Member

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    Ah so you're into your computer games? I could be wrong but I don't think this is the right audience for that kind of reference!

    Maybe try "construction ground to a halt faster than a Maurer Spinner's queue when it starts raining" ;-)
     
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  9. Hixee

    Hixee Flojector Staff Member Administrator Moderator

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    Operations ground to a halt faster than a Cedar Fair park when a thunderstorm is in the neighboring state.
     
    Lofty likes this.
  10. Lofty

    Lofty Social Media Team Staff Member Social Media Team

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    Ground work ceasing quicker than a new S&S coaster :emoji_zipper_mouth:ing up.
     
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  11. Pokemaniac

    Pokemaniac Mountain monkey Staff Member Administrator Moderator Social Media Team

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    Construction grinding to a halt faster than an expansion plan at a Parques Reunidos park.
     
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  12. CrashCoaster

    CrashCoaster Formerly ATI

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    Construction grinding to a halt faster than SFA's operations.
     
  13. Cranedude

    Cranedude Member

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    Uh, i like to play RCT3 and PlanCo.
     

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