Disney May Build Theme Park Near Seoul, Mayor Says (Bloomber

Fab · 09-27-2005, 01:57 AM

Disney May Build Theme Park Near Seoul, Mayor Says (Update3)

Sept. 27 (Bloomberg) -- Walt Disney Co., the second-biggest U.S. media company, is considering a theme park outside South Korea's capital, Seoul Mayor Lee Myung Bak said, extending its reach in the world's most populous continent.

Seoul Metropolitan Government is in talks with Burbank, California-based Disney, said Lee, who made attracting a global operator one of his campaign pledges in 2002. The park may help boost overseas tourists visiting South Korea to more than 10 million from six million now, he said.

``We've made significant progress on our plan to attract a world-class theme park near Seoul and may officially announce it early next year,'' Lee said in an interview.

Disney this month opened a theme park in Hong Kong and is considering another attraction in Shanghai, as rising Asian incomes bring Mickey Mouse merchandise, Donald Duck DVDs and theme park holidays within reach of millions more children and adults. A near doubling of tourist arrivals would help spur growth in South Korea, Asia's third-largest economy.

``If the park is built, it could help boost the economy, especially consumer spending in the service sector, like Hong Kong,'' said Lim Jiwon, senior economist at JP Morgan Chase & Co. in Seoul. ``It would be very good news for the Korean economy.''

Development

Disney is considering building the venture at Seoul Grand Park in Gwacheon, southern Seoul, said Jun Sung Soo, director of the foreign investment division at the Seoul Metropolitan Government. He said no details have been decided.

Hong Kong Disney's Public Affairs Manager Esther Wong directed calls to the company's U.S. headquarters. Lisa J. Haines, Vice President of Strategic Communications for Walt Disney Parks & Resorts in Burbank, didn't respond to a phone call and e-mail seeking comment.

Disney, which opened the first of two theme parks in Tokyo in 1983 and another in Hong Kong on Sept. 12, is in talks with the Chinese government about building a Disneyland facility in Shanghai after 2010, President Robert Iger said on Sept. 9.

Hong Kong's government spent $3 billion bringing attractions such as Space Mountain and the Sleeping Beauty's Castle to the park, which officially opened on Sept. 12.

The government in Hong Kong expects the park will lure tourists and create 18,400 immediate jobs and another 17,400 by 2025. Hong Kong Financial Secretary Financial Secretary Henry Tang has said the theme park will generate HK$148 billion ($19 billion) in income over 40 years.

Disney invested $316 million for its 43 percent stake in Hong Kong Disneyland, about a 10th of the park's total cost.

Visitors

Disney expects 5.6 million visitors to the Hong Kong park in its first year, with about a third coming from mainland China. That compares with 25 million last year at Disney's Tokyo resorts and 12.4 million in the year through Sept. 30 at Disney's theme park outside Paris.

Attracting more tourists to Korea would boost sales for transportation companies, hotels and restaurants, helping the government encourage consumer spending to lessen the economy's reliance on exports for growth.

Still, Disney's four existing and proposed Asian theme parks are all within four hours flying time of Seoul, making it harder for South Korea to attract sufficient visitors to justify the building costs.

Euro Disney SCA, which operates Disney's European theme park near Paris, changed its chief executive three times in five years and refinanced its debts twice in a decade after an expansion plan turned sour.

A second park built near the French capital in 2002 has failed to generate enough additional revenue to cover costs or to lift theme-park attendance to the 16 million guests a year that the company had projected.

To contact the reporter on this story:
William Sim in Seoul at wsim2@bloomberg.net.

Last Updated: September 27, 2005 03:06 EDT

MickeyLumbo · 09-27-2005, 08:23 AM

i wonder how long the line will be at the corn DOG cart.

Fab · 09-27-2005, 01:17 PM

Quote:

Originally Posted by MickeyLumbo

i wonder how long the line will be at the corn DOG cart.

Saying Koreans eat dogs is like saying all Americans eat raccoons and squirrels.

Gn2Dlnd · 09-27-2005, 02:59 PM

Quote:

Originally Posted by Fab

Saying Koreans eat dogs is like saying all Americans eat raccoons and squirrels.

Okay, I'll bite. All Americans eat raccoons and squirrels.

Nope, not the same.

How about, "Americans eat raccoons and squirrels." As I have, in fact, eaten squirrel. And rabbit, and frog, and crawfish, and sushi, and burnt cow. And bee vomit.

So, in the spirit of a little humor based on a cultural stereotype based in fact, I, like MickeyLumbo, wonder how long the line at the hot DOG cart will be. And what is the Korean translation - frankfurter? Weiner? Tube steak? I'll bet it won't be hot dog.

As for continuing the dilution of a once unique product, feh.

Fab · 09-29-2005, 01:10 AM

Quote:

Originally Posted by Gn2Dlnd

Okay, I'll bite. All Americans eat raccoons and squirrels.

Nope, not the same.

How about, "Americans eat raccoons and squirrels." As I have, in fact, eaten squirrel. And rabbit, and frog, and crawfish, and sushi, and burnt cow. And bee vomit.

So, in the spirit of a little humor based on a cultural stereotype based in fact, I, like MickeyLumbo, wonder how long the line at the hot DOG cart will be. And what is the Korean translation - frankfurter? Weiner? Tube steak? I'll bet it won't be hot dog.

As for continuing the dilution of a once unique product, feh.

Actually, it's 핫도그, pronounced "hot dog". Just came back from Oktoberfest at Lotte World, took some pics. This is Disney's main competition in Korea. http://www.fabsfaves.com/lotteworld.htm

Their space themed indoor dark coaster looks like it was designed by Ed "Big Daddy" Roth and the cars spin like teacups. Rox.

Gemini Cricket · 09-29-2005, 03:42 AM

Quote:

Originally Posted by Fab

???

Edit: ^ I guess I can't quote Korean.

Wow. Fab has Korean keys on her keyboard. Cool!

lol.

scaeagles · 09-27-2005, 09:12 AM

I honestly don't understand.

DL Paris is a huge money loser, right? DCA is underattended and also a huge money loser. From what I read, Hong Kong didn't go over too well. Do the Tokyo operations (or wherever they are in Japan) make any money?

Acquiring assets is a fine business decision if the assets generate income and can be liquidated easily with any depreciation written off. I don't see their investment in these new assets as profitable, and meanwhile the proven money makers and those that already exist that need added maintenance/investment to become money makers don't get what they need.

I understand that business decisions should be to make money, so I never get upset if money gets invested in Orlando. But why continue to invest money in ways that have proven to be unprofitable?

I need to check my mutuals and see if any include Disney and perhaps change funds.

Fab · 09-27-2005, 01:18 PM

Quote:

Originally Posted by scaeagles

I honestly don't understand.

DL Paris is a huge money loser, right? DCA is underattended and also a huge money loser. From what I read, Hong Kong didn't go over too well. Do the Tokyo operations (or wherever they are in Japan) make any money?

Acquiring assets is a fine business decision if the assets generate income and can be liquidated easily with any depreciation written off. I don't see their investment in these new assets as profitable, and meanwhile the proven money makers and those that already exist that need added maintenance/investment to become money makers don't get what they need.

I understand that business decisions should be to make money, so I never get upset if money gets invested in Orlando. But why continue to invest money in ways that have proven to be unprofitable?

I need to check my mutuals and see if any include Disney and perhaps change funds.

The Asia parks make a buttload of money, atchally.

innerSpaceman · 09-27-2005, 12:30 PM

Continuing with the trend of Disney Parks built by Disney in Asia, the Seoul theme part is slated to have 3 attractions by Phase Two in the early 22nd century.

innerSpaceman · 09-27-2005, 02:21 PM

The "Asia" parks being the really good Disney-themed parks operated and primarily owned by Oriental Land Co.

Whether the Asia parks actually built by Disney in the mode of DCA and Walt Disney Studios can actually make money has yet to be seen. Hong Kong Disneyland is off to a rocky start. There may be curiosity money coming in for a while, but customers are reportedly unsatisfied ... and word of mouth tends to get out in any language.

09-27-2005, 01:57 AM	#1
Fab Señora Join Date: May 2005 Posts: 124	Disney May Build Theme Park Near Seoul, Mayor Says (Bloomber Disney May Build Theme Park Near Seoul, Mayor Says (Update3) Sept. 27 (Bloomberg) -- Walt Disney Co., the second-biggest U.S. media company, is considering a theme park outside South Korea's capital, Seoul Mayor Lee Myung Bak said, extending its reach in the world's most populous continent. Seoul Metropolitan Government is in talks with Burbank, California-based Disney, said Lee, who made attracting a global operator one of his campaign pledges in 2002. The park may help boost overseas tourists visiting South Korea to more than 10 million from six million now, he said. ``We've made significant progress on our plan to attract a world-class theme park near Seoul and may officially announce it early next year,'' Lee said in an interview. Disney this month opened a theme park in Hong Kong and is considering another attraction in Shanghai, as rising Asian incomes bring Mickey Mouse merchandise, Donald Duck DVDs and theme park holidays within reach of millions more children and adults. A near doubling of tourist arrivals would help spur growth in South Korea, Asia's third-largest economy. ``If the park is built, it could help boost the economy, especially consumer spending in the service sector, like Hong Kong,'' said Lim Jiwon, senior economist at JP Morgan Chase & Co. in Seoul. ``It would be very good news for the Korean economy.'' Development Disney is considering building the venture at Seoul Grand Park in Gwacheon, southern Seoul, said Jun Sung Soo, director of the foreign investment division at the Seoul Metropolitan Government. He said no details have been decided. Hong Kong Disney's Public Affairs Manager Esther Wong directed calls to the company's U.S. headquarters. Lisa J. Haines, Vice President of Strategic Communications for Walt Disney Parks & Resorts in Burbank, didn't respond to a phone call and e-mail seeking comment. Disney, which opened the first of two theme parks in Tokyo in 1983 and another in Hong Kong on Sept. 12, is in talks with the Chinese government about building a Disneyland facility in Shanghai after 2010, President Robert Iger said on Sept. 9. Hong Kong's government spent $3 billion bringing attractions such as Space Mountain and the Sleeping Beauty's Castle to the park, which officially opened on Sept. 12. The government in Hong Kong expects the park will lure tourists and create 18,400 immediate jobs and another 17,400 by 2025. Hong Kong Financial Secretary Financial Secretary Henry Tang has said the theme park will generate HK$148 billion ($19 billion) in income over 40 years. Disney invested $316 million for its 43 percent stake in Hong Kong Disneyland, about a 10th of the park's total cost. Visitors Disney expects 5.6 million visitors to the Hong Kong park in its first year, with about a third coming from mainland China. That compares with 25 million last year at Disney's Tokyo resorts and 12.4 million in the year through Sept. 30 at Disney's theme park outside Paris. Attracting more tourists to Korea would boost sales for transportation companies, hotels and restaurants, helping the government encourage consumer spending to lessen the economy's reliance on exports for growth. Still, Disney's four existing and proposed Asian theme parks are all within four hours flying time of Seoul, making it harder for South Korea to attract sufficient visitors to justify the building costs. Euro Disney SCA, which operates Disney's European theme park near Paris, changed its chief executive three times in five years and refinanced its debts twice in a decade after an expansion plan turned sour. A second park built near the French capital in 2002 has failed to generate enough additional revenue to cover costs or to lift theme-park attendance to the 16 million guests a year that the company had projected. To contact the reporter on this story: William Sim in Seoul at wsim2@bloomberg.net. Last Updated: September 27, 2005 03:06 EDT
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09-27-2005, 08:23 AM	#2
MickeyLumbo thankfully grateful Join Date: Jan 2005 Location: shangrila Posts: 1,388	i wonder how long the line will be at the corn DOG cart. __________________
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09-27-2005, 09:12 AM	#7
scaeagles I LIKE! Join Date: Jan 2005 Posts: 7,819	I honestly don't understand. DL Paris is a huge money loser, right? DCA is underattended and also a huge money loser. From what I read, Hong Kong didn't go over too well. Do the Tokyo operations (or wherever they are in Japan) make any money? Acquiring assets is a fine business decision if the assets generate income and can be liquidated easily with any depreciation written off. I don't see their investment in these new assets as profitable, and meanwhile the proven money makers and those that already exist that need added maintenance/investment to become money makers don't get what they need. I understand that business decisions should be to make money, so I never get upset if money gets invested in Orlando. But why continue to invest money in ways that have proven to be unprofitable? I need to check my mutuals and see if any include Disney and perhaps change funds.
	Submit to Quotes

09-27-2005, 12:30 PM	#9
innerSpaceman Kink of Swank Join Date: Jan 2005 Location: Inner Space Posts: 13,075	Continuing with the trend of Disney Parks built by Disney in Asia, the Seoul theme part is slated to have 3 attractions by Phase Two in the early 22nd century.
	Submit to Quotes

09-27-2005, 02:21 PM	#10
innerSpaceman Kink of Swank Join Date: Jan 2005 Location: Inner Space Posts: 13,075	The "Asia" parks being the really good Disney-themed parks operated and primarily owned by Oriental Land Co. Whether the Asia parks actually built by Disney in the mode of DCA and Walt Disney Studios can actually make money has yet to be seen. Hong Kong Disneyland is off to a rocky start. There may be curiosity money coming in for a while, but customers are reportedly unsatisfied ... and word of mouth tends to get out in any language.
	Submit to Quotes