South Korea’s retail giant Shinsegae Group has partnered with US media company Paramount Global to build a new theme park in Hwaseong.
Via the Korea Economic Daily, Shinsegae’s subsidiary Shinsegae Hwaseong will lead the project, which involves constructing a 4.2 million-square-metre entertainment complex in Hwaseong, Gyeonggi Province.
This complex will include the 1.19 million-square-metre Star Bay City theme park, as well as a water park, retail experiences, luxury hotels and more.
The theme park is expected to cost 1.4 trillion won ($1.3 billion), Shinsegae said. The group is working to get planning approval for the Star Bay City project from the Gyeonggi provincial government, with plans to open the attraction in 2029.
The park is expected to welcome around 30 million visitors annually. Paramount will be involved in the design, creating rides and attractions based on its brands, like SpongeBob SquarePants, Teenage Mutant Ninja Turtles, Mission: Impossible, and Star Trek.
Attractions themed to Paramount IP
Shinsegae Hwaseong, which manages real estate and theme park development, held a ceremony to announce the Star Bay City project on Thursday (10 October).
“This theme park utilizing the Paramount brand is not just an amusement park but a space where customers can experience characters and stories from their imagination in reality, enjoying unique joy, inspiration, and healing,” said Lim Young-rok, president of Shinsegae Group (via Business Korea).
“We will introduce a new theme park that has never existed before, in collaboration with Paramount, which holds a wide range of entertainment content that can be enjoyed by both children and adults.”
Marie Marks, senior vice president of experiences at Paramount, said: “We will create a world-renowned theme park in collaboration with Shinsegae.”
In 2022, Paramount signed a construction agreement with an Indonesian company for a theme park in Bali. The company was also behind a planned theme park at the Inspire Entertainment Resort in South Korea.
Image courtesy of Shinsegae
