Universal Studios South Korea was first announced on May 22, 2007 by Frank P. Stanek, the president of USKOR and Associates. While the announcement confirmed that they intended to construct a park in the country, USKOR declined to elaborate on other major details, such as a location and a construction budget, although local officials in the
Gyeonggi Province stated that
Ansan and
Pyeongtaek were among the candidates to host the park. On November 27, 2007,
Universal Destinations & Experiences announced that the park would be constructed in
Hwaseong City, located south of Seoul and also near
Incheon International Airport, and has been allotted a budget of US$3.1 billion. The selection of South Korea for another theme park was based on many factors. Thomas L. Williams, president of Universal Parks and Resorts, specifically mentioned the country's strong economic growth and its love of American movies. He also noted that approximately half of South Korea's population lived near Seoul. The nation's proximity to
China was not lost on the development team. Stanek said, "What we are hoping to do is to bring in a world class attraction not only for the Korean people but to draw tourism to this country." Gyeonggi Governor Kim Moon-Soo estimates that Universal Studios South Korea could generate 2.9 trillion
won (US$3.2 billion) in foreign investment, 190 million won per year in tax revenues and 60,000 new jobs. A total of 15 partners were participating in the development, including South Korean conglomerate
Lotte Group and builder
Posco E&C. They signed a framework agreement on January 19, 2010, to raise capital for the 3 trillion won ($2.7 billion) project expected to attract 15 million visitors a year in South Korea and from abroad. On August 15, 2014, it was announced that the project ran by Lotte was cancelled and that K-Water will look for a new consortium. On July 13, 2015, the Gyeonggi province government announced that they are trying to restart development of Universal Studios Korea. On December 22, 2015, it was officially announced that plans for Universal Studios Korea were revived again and that it was slated to open in early 2020, before Universal Studios Beijing's opening date. On January 8, 2016,
JoongAng Ilbo, a Korean news website, clarified that Universal replied to them via email, stating that they were "looking into the feasibility of a project in Korea but had no involvement in the project announced by K-Water last year". On June 21, 2016, details for the project were likely to be delayed until August, and that it would be announced after the appointment K-Water's new CEO that month. In March 2018, Gyeonggi province government, Hwaseong City, K-Water announced that they were trying to restart development of Universal Studios Korea. In April 2020, the provincial government announced the Universal Studios Korea plan was scrapped; they instead signed a contract with
Shinsegae Property Consortium to develop a new theme park. ==Park design==