UNIVERSAL Studios is to build a US$3.1 billion theme park in South Korea, its third in Asia, the nation's Gyeonggi provincial government said. The resort, to be built in partnership with Posco Engineering & Construction Co, will be near Hwaseong, south of Seoul, and open in 2012, according to Bloomberg News. The other resorts in Asia are in the Japanese city of Osaka and one planned for Singapore in 2010. Entertainment and gambling companies, including Walt Disney Co and Las Vegas Sands Corp, have expanded in Asia to take advantage of rising disposable incomes. "Building theme parks is a trend that Korea needs to follow, like Hong Kong and Singapore, to attract more foreign tourists," said Park Se Jin, an analyst who covers the leisure and hotel industry at Mirae Asset Securities Co in Seoul. "This may help tourism contribute more to Korea's economic growth." Korea Development Bank, Shinh...

>> Full Article