HOLLYWOOD, Calif. and INCHEON, Korea, May 10 /PRNewswire/ -- Paramount Licensing Inc. (PLI), and Daewoo Motor Sales Corporation (DWMS), today announced that they have reached an agreement to explore the development of a Paramount Pictures-based theme park in South Korea. The proposed theme park, which would be located on a DWMS-owned site, would be located in Incheon, a 1-hour drive from Seoul, and feature characters, attractions,and facilities based on Paramount's rich motion picture library.
Under the terms of the agreement, DWMS will be responsible for raising the funding for the eventual development and construction of the project. In the event that PLI enters into a licensing agreement, it will provide access to Paramount's intellectual property library. PLI will not be an investor in the project or fund the development or construction of the project.
"We are thrilled to be involved in the development of South Korea's first international movie studio theme park," said Michael Bartok, Executive Vice President of Paramount Licensing. "This new development will significantly add to South Korea's already growing tourism sector and complement all of the world-class developments in the rapidly growing Incheon region. We have long been interested in this exciting market and look forward to working with our partners on this amazing project."
"The Paramount theme park is a key priority not only for Daewoo MotorSales but also for the city of Incheon," said Dongho Lee, President & CEOof DWMS. "The park has the potential to become a true catalyst for regional development and we at Daewoo Motor Sales are proud to be spearheading this landmark project together with Paramount."
A feasibility study conducted by Economics Research Associates calls for the $800 million theme park to entertain over five million guests annually. In addition to the theme park, the master plan for the 120-acre resort complex specifies an on-site five-star hotel complete with a luxury spa and world-class amenities. In addition, the plans call for premium shopping and dining as well as an entertainment complex featuring top-tier retailers. Future phases of development will likely include a water parkcomponent.