The Korean Water Resources Corporation (K-water) and Universal Studios Korea have missed the deadline to sign a contract to develop a Universal Studios theme park in the country.
Finalised construction plans were due to be submitted by the end of December. The plan to build a Universal Studios amusement park will be canceled altogether if an agreement is not reached within two weeks reports the Korea JoonAng Daily.
The project has been beset by problems. It was canceled in 2012, but was brought back to life when President Park supported the development. However, doubts about feasibility and political scandal seem to have dealt a fatal blow to a potential Universal Studios Korea theme park which is part of a 5 trillion won ($4.1 trillion) project.
A K-water representative said, “USK had to come up with a finalized version of a contract for us to sign but they just didn’t do it. We don’t think it is about the details on amount of money for the project but think it is due to the internal issues within USK. We will wait two more weeks for them to submit the contract.
“This is a big project where the amusement park is just a part of it. We will find another bidder who is interested in the project. One thing I am worrying about is that the project is delayed.”