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Universal signs Shanghai park deal
POSTED 9 Dec 2002 . BY
Universal Parks and Resorts has signed an investment agreement with Chinese partners to build a theme park in Shanghai - leap-frogging rival operator Disney in the race to open a park in the city.

The deal would see Universal - a subsidiary of French entertainment giant, Vivendi Universal - owning at least 25 per cent of the park. It has not revealed how much its investment is worth, but building the park is expected to cost in the region of $870m.

Universal's Chinese partners in the joint venture are property company, Shanghai Waigaoqiao Group and hotel operator, Shanghai Jinjiang Holdings.

The park will be situated in Pudong, where Shanghai's financial district is situated, as it has sufficient open space to accommodate the proposed 2sq km park. However, the project has yet to receive central government approval.

Work is expected to start early in 2003 and the finished park anticipated to attract 8m visitors in its first year.

If all goes to plan, the park could be open by 2006, the same year as Disney - which was also said to be in negotiations to open a park in Shanghai - aims to open a theme park in Hong Kong, due to begin construction next month.

Universal already has a presence in the Asia Pacific market, having opened a $1bn movie-themed park in Osaka, Japan, in March 2001.

Universal Studios Japan - the company's first park outside Florida and Hollywood in the US - welcomed its 10 millionth visitor less than a year after opening, making it the most successful theme park in history.

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Jobs    News   Products   Magazine
NEWS
Universal signs Shanghai park deal
POSTED 9 Dec 2002 . BY
Universal Parks and Resorts has signed an investment agreement with Chinese partners to build a theme park in Shanghai - leap-frogging rival operator Disney in the race to open a park in the city.

The deal would see Universal - a subsidiary of French entertainment giant, Vivendi Universal - owning at least 25 per cent of the park. It has not revealed how much its investment is worth, but building the park is expected to cost in the region of $870m.

Universal's Chinese partners in the joint venture are property company, Shanghai Waigaoqiao Group and hotel operator, Shanghai Jinjiang Holdings.

The park will be situated in Pudong, where Shanghai's financial district is situated, as it has sufficient open space to accommodate the proposed 2sq km park. However, the project has yet to receive central government approval.

Work is expected to start early in 2003 and the finished park anticipated to attract 8m visitors in its first year.

If all goes to plan, the park could be open by 2006, the same year as Disney - which was also said to be in negotiations to open a park in Shanghai - aims to open a theme park in Hong Kong, due to begin construction next month.

Universal already has a presence in the Asia Pacific market, having opened a $1bn movie-themed park in Osaka, Japan, in March 2001.

Universal Studios Japan - the company's first park outside Florida and Hollywood in the US - welcomed its 10 millionth visitor less than a year after opening, making it the most successful theme park in history.

Sign up here to get the Attractions Management weekly ezine and every issue of Attractions Management magazine free on digital.
MORE NEWS
Jakob Wahl appointed IAAPA's chief operating officer
Jakob Wahl has been named executive VP and chief operating officer of global attractions industry body IAAPA.
World Food Center Experience will be ‘Silicon Valley’ of food
Plans for the World Food Center Experience in Ede, Netherlands, have been given the final green light by the Provincial Executive of Gelderland.
Creative legends behind iconic ​​Spider-Man ride team to give talk at IAAPA Expo
The creative geniuses behind the Amazing Adventures of Spider-Man darkride at Universal’s Islands of Adventure park in Orlando, Florida will offer their insights into the creative process behind the iconic attraction.
Europa Park extends winter opening for the first time as part of Hallowinter celebration
For the first time in its history, Europa-Park has announced it will remain open between Halloween and the start of its winter schedule as part of a ‘HALLOWinter’ offering.
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QubicaAMF UK

QubicaAMF is the largest and most innovative bowling equipment provider with 600 employees worldwi [more...]
Clip 'n Climb

Clip ‘n Climb currently offers facility owners and investors more than 40 colourful and unique Cha [more...]
Polin Waterparks

Polin was founded in Istanbul in 1976. Polin has since grown into a leading company in the waterpa [more...]
Sally Corporation

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
+ More profiles  
FEATURED SUPPLIER

Future-proofing ticketing solutions with TOR Systems
TOR Systems, the UK’s leading ticketing, booking and CRM solutions provider, is urging tourism and heritage companies to future proof their ticketing solutions when procuring in the wake of the pandemic. [more...]
VIDEO GALLERY

Proslide Tech Inc - ProSlide | Atlantis Dubai
More videos:
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+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

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Scotland’s National Tourism Industry Conference

EICC, Edinburgh, United Kingdom
01-07 Dec 2022

World Leisure Congress 2022

tbc, Dunedin, New Zealand
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