Paramount's getting back in the theme park business
One year after selling its North American theme parks to Cedar Fair, Paramount is moving back into the theme park business -- this time in South Korea.
The studio announced today plans to invest $1 billion in a theme park in Inchon, south of Seoul. Paramount will partner with South Korean automaker Daewoo, which willl provide the land for the project. The first phase of the park will open in 2009, with completion skedded for 2014.
South Korea is home of some of the world's most popular parks, including Lotte World, but no U.S. companies have built on the peninsula before now.
What? You mean that there is STILL a US-based Theme Park Design Industry? Didn't all of that mighty entertainment machinery get "repurposed" into museum development?
Maybe Paramount wanted a real themed park comparable on the levels of USF/USF with the movies. Maybe they also figured that trying to build that up in all of their existing parks would cost to much and just starting from scratch someplace else would be cheaper.
1 billion into a Korean park? Why not invest in the American marketplace? I know that there is a lot of competition here and none there with lower costs overseas, but a billion would still buy one heck of a playland here. Most of the former Paramount parks were seasonal parks, which is probably why that kind of money wasn't invested there, but they could have been successful in a warm tourist marketplace in the US with the right design. Of course if it's anything like before, they will trim that figure as they go along.
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