Universal Studios Korea Negotiations Stall Amid Political Turmoil

Plans for Universal Studios Korea stall as political scandal rocks the Korean government.

Korean President Park Geun-hye had backed the 5 trillion won ($4.23 billion) project to build a Universal Studios theme park in Hwaseong, Gyeonggi Province, with a completion date of 2020.

Korea Water Resources Corporation (K-Water) and Universal Studios Korea are overseeing the project which is a joint venture between government, local and overseas businesses, including Daewoo Engineering & Construction, the Korea Development Bank, the China State Construction Engineering Corporation (CSCEC), and China Travel Service (CTS).

However, negotiations have ground to a halt with uncertainty about the government and the Korea Development Bank.

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