[3] On November 27, 2007, Universal Destinations & Experiences announced that the park would be constructed in Hwaseong City, located south of Seoul and also near Incheon International Airport, and has been allotted a budget of US$3.1 billion.
Thomas L. Williams, president of Universal Parks and Resorts, specifically mentioned the country's strong economic growth and its love of American movies.
[3] In January 2010, developers of the Universal Studios theme park and resort in South Korea said the project was slated to open in early 2014, after being delayed by the global financial crisis.
Kim Moon-Soo, governor of the province in which the resort is set to be built, blamed the 2008 financial crisis for the delay, but said the large-scale project is back on track.
They signed a framework agreement on January 19, 2010, to raise capital for the 3 trillion won ($2.7 billion) project expected to attract 15 million visitors a year in South Korea and from abroad.
[needs update][11] In March 2018, Gyeonggi province government, Hwaseong City, K-Water announced that they were trying to restart development of Universal Studios Korea.
[12] In April 2020, the provincial government announced the Universal Studios Korea plan was scrapped; they instead signed a contract with Shinsegae Property Consortium to develop a new theme park.