Legoland on track for South Korea

THEME park group Merlin Entertainments put in place the next piece of its global expansion yesterday by unveiling plans for a new Legoland park in South Korea.

Merlin Entertainments legoland trainPH

Legoland bosses said the park would open in 2017 and cost £172million to build

The Alton Towers and Madame Tussauds operator said the theme park, situated in the town of Chuncheon, would open in 2017 and cost up to £172million to build.

However under its “operated and leased model” it will only spend around £57million with the rest of the funds coming from a property company funded by local investors.

Chief executive Nick Varney said the company had chosen to add South Korea to its existing portfolio of six Legoland parks in five countries because it is one of the biggest buyers of the group’s toys in Asia.

“South Korea offers both a developed theme park market and strong Lego brand recognition,” he said.

Varney also reiterated the group’s plan to open a new Legoland park every two or three years around the world with the next sites opening in Dubai and Japan. The potential final target is 20.

The group currently generates over 60 per cent of its revenues from the UK and Europe but it is seeking an equal split between Europe, the Americas and Asia Pacific. Shares rose 12¼p to 379p.

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