7th Jan 2019 11:22
LONDON (Alliance News) - Merlin Entertainments PLC on Monday said it has partnered with Gangwon Provincial government to build a Legoland park in South Korea, scheduled to open by 2022.
The mid-cap attractions, hotels and holiday villages operator said the park will be situated upon the island of Hajungdo in Chuncheon, located one hour's journey east of Seoul.
The full-scale theme park resort will 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 GBP205 million. Merlin will invest GBP148 million into the development of the resort, it said, which will be fully owned and operated by Merlin.
The remaining funding of GBP56 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, it said. The company also noted that it is in advanced discussions with third parties about a number of sites for Legoland parks in China.
"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," said Merlin Chief Executive Nick Varney.
"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," added Varney.
Merlin Entertainments shares were trading 1.1% higher on Monday at 326.70 pence each.
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