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Legoland Korea to invest around 100 bln won over next 5 years: executive

14:47 February 22, 2023

SEOUL, Feb. 22 (Yonhap) -- Legoland Korea Resort is confident about its financial soundness and plans to invest around 100 billion won (US$76.7 million) over the next five years, an executive said Wednesday, as the theme park pushes for further growth in South Korea.

"One of the many features of a theme park is offering new experiences to visitors through continued investments," said Lee Soon-kyu, the divisional director of Legoland Korea, in a press conference in Seoul.

"While we can't gauge the exact amount due to inflation, we expect the investment to be around a third or a fourth of the 300 billion won used in the construction of Legoland, over the next five years."

Operated by the British-based Merlin Entertainments, the Legoland Korea theme park opened in May on the island of Hajung in Chuncheon, 75 kilometers northeast of Seoul. It consists of seven theme park spaces and a Lego-themed resort hotel.

The investments are likely to come from its parent company, Merlin Entertainments, instead of active funds the theme park owns, he said. The proceeds will be used in growing "three pillars": adding more rides for children, developing new entertainment programs and increasing hotel spaces.

When asked what the company thought of the "Legoland crisis," Lee stressed that the theme park "has no direct relationships" with Gangwon Jungdo Development Corp., which was listed as bankrupt last year after missing a debt payment of 205 billion won. This sparked fears of instability in the domestic bond market, with the government injecting around 50 trillion won of liquidity to ease worries of a credit crunch.

"Legoland Korea and Merlin Entertainments is financially sound. We've been maintaining very good relationships with Gangwon Province and the city of Chuncheon," he said.

In addition, Lee explained some changes Legoland Korea is planning this year.

The theme park will operate at night hours from late April to the end of October, introduce a season pass and construct a new water park by July for summer visitors, he said.

Legoland Korea is set to reopen March 23.

Legoland Korea's divisional director Lee Soon-kyu gives a presentation to reporters at a press conference in central Seoul on Feb. 22, 2023. (Yonhap)



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