Hollywood Studio MGM is to build its first Asian theme Park in the southern port city of Busan. Busan City and MGM will conclude a memorandum of understanding in Seoul on March 15, Busan City said Thursday. The city will provide around 1 million sq.m of land for the theme park in the East Busan Tourism Complex.
MGM will reportedly invest W600-700 billion (US$600-700 million) in establishing the studio in the complex and hopes to drum up funds from around the world. It will use the signing of the MOU as an opportunity for an investor blitz here - reports Chosun
Busan City officials earlier discussed the project with MGM in the U.S. The city and MGM will conclude a contract once the detailed investment plan has been finalized on the extent of the financial burden the city will shoulder. If all goes smoothly, MGM will start construction at the end of next year and open in 2011.
MGM already has a mock studio at Disney World in Orlando, Florida, where visitors can experience the sort of environment where its classic movies including “Ben Hur” the James Bond 007 series, “Doctor Zhivago” and “2001: A Space Odyssey” might have been made. Founded in 1924, MGM -- short for Metro Goldwin Mayer -- was a major player in the glory days of the studio system, instantly recognizable by the roaring lion that appeared before the titles.