Shinsegae, Paramount to build $3.39 billion theme park complex in S.Korea

South Korea’s retail giant Shinsegae Group said on Thursday it has partnered with US media group Paramount Global on a 4.57 trillion won ($3.39 billion) international theme park project.

Shinsegae Inc. said its affiliate Shinsegae Hwaseong will lead the project that involves creating a 4.2 million square meter complex in Hwaseong, Gyeonggi Province, 45 km south of Seoul.

Shinsegae Hwaseong is a special purpose company majority-owned by Shinsegae Property Co., which runs the conglomerate’s Starfield shopping complex in Korea.

The Hwaseong International Theme Park project will feature not just a 1.19 million square meter theme park, dubbed Star Bay City, but also facilities like a water park, a Starfield shopping complex, premium outlets, a golf course, luxury hotels, resorts and residential areas.

The theme park alone will cost some 1.4 trillion won, according to Shinsegae.

Although the original plan was to partner with Universal Studios, Shinsegae later agreed to join hands with Paramount, sources said.

Shinsegae said it is taking steps to obtain approval for the construction of the Star Bay City project from the Gyeonggi provincial government, with an aim to open the theme park in 2029.

Once up and running, the theme park is expected to attract some 30 million visitors annually, according to Shinsegae.

Shinsegae Hwaseong, a Shinsegae Group subsidiary handling real estate development and theme park management, held a ceremony to announce the project on Thursday, attended by executives from Shinsegae and Paramount Global and government officials from Gyeonggi Province and Hwaseong City.

“The theme park will be more than just an amusement park. It will offer a space where visitors can experience characters and stories from their imaginations in real life, providing a unique blend of fun, inspiration and relaxation for people of all ages,” said Im Young-rok, president of Shinsegae Group.

DESIGNED BY PARAMOUNT

According to Shinsegae, Paramount will be directly involved in the design of the theme park to enhance the realization of its intellectual property (IP), showcasing the charm of Paramount through state-of-the-art rides and a variety of show programs.

Known for its global TV and film content distribution, Paramount owns channels like CBS, Paramount Pictures, Nickelodeon, MTV and Paramount Plus. Famous works include Mission Impossible, Top Gun, Gladiator, The Godfather, SpongeBob SquarePants, Teenage Mutant Ninja Turtles and Star Trek.

The park will allow visitors to experience these Paramount IPs firsthand through attractions, show programs, exclusive merchandise and dining options, all tailored to Star Bay City, according to Shinsegae.

Marie Marks, head of Paramount Theme Park Entertainment, said the park’s location is ideal for both domestic and international visitors due to its size and proximity to other tourist resources. She expressed confidence that the partnership with Shinsegae would create a “globally recognized theme park.”

Gyeonggi Province Governor Kim Dong-yeon expressed his vision to establish Everland, owned by Samsung, and Hwaseong International Theme Park as the two cultural centers of the province, pledging full support for the construction of the new park.

Write to Jae-Kwang Ahn at ahnjk@hankyung.com

In-Soo Nam edited this article.