Shinsegae Group, led by Chairman Chung Yong-jin, has announced plans to partner with U.S. entertainment conglomerate Paramount to create a massive international theme park. (Image courtesy of Shinsegae Property)
SEOUL, Nov. 12 (Korea Bizwire) – In a major development for South Korea’s entertainment industry, Shinsegae Group, led by Chairman Chung Yong-jin, has announced plans to partner with U.S. entertainment conglomerate Paramount to create a massive international theme park, marking Paramount’s first such venture outside North America.
The 4.57 trillion won project, named Star Bay City, will be located in Songsan Green City, Hwaseong, with the theme park covering 1.19 million square meters.
While slightly smaller than Everland’s total area of 1.49 million square meters, the new park will feature a larger entertainment space than Everland’s actual amusement area of 990,000 square meters.
The entire Star Bay City complex, spanning 4.2 million square meters, will include a Starfield mall, golf course, hotels, resorts, and residential facilities.
The partnership represents Paramount’s first theme park development outside North America leveraging its intellectual property (IP).
Paramount, one of Hollywood’s “Big Five” studios alongside Walt Disney, Universal Pictures, Warner Brothers, and Sony (Columbia) Pictures, brings a rich portfolio of IP including “Mission: Impossible,” “Top Gun,” “Transformers,” and popular animated properties like “SpongeBob SquarePants” and “Teenage Mutant Ninja Turtles.”
Visitors can expect unique attractions such as “Top Gun fighter jet rollercoasters” and “Transformers bumper cars.”
The project is expected to reshape South Korea’s theme park market, currently dominated by Everland and Lotte World.
According to the Korea Culture and Tourism Institute’s Tourism Knowledge Information System, Everland in Yongin attracted 5.88 million visitors last year, while Lotte World Adventure in Jamsil drew 5.19 million, together accounting for 80% of total theme park attendance in the country.
Shinsegae Group anticipates Star Bay City will draw 30 million visitors annually.
“This Paramount-branded theme park will be more than just an amusement park – it will be a space where visitors can experience their favorite characters and stories in real life,” said Lim Young-rok, president of Shinsegae Group.
“Working with Paramount, which has extensive entertainment content appealing to both children and adults, we will create an unprecedented theme park experience.”
Lina Jang (linajang@koreabizwire.com)
