Merlin Entertainments to build first Legoland park in Korea

Theme park operator Merlin Entertainments has entered into a partnership agreement with Gangwon provincial government to build a Legoland park in South Korea.

Legoland Korea, which will be built upon Hajungdo Island, approximately one hour east of Seoul, has been scheduled to open in 2022 and will incorporate a fully themed hotel along with the full-scale theme park resort.

Merlin anticipates the park will cost it KRW 290bn (£205m), of which KRW 210bn (£148m) will come from the firm, with the remaining amount set to come from the investment arm of Gangwon province.

The project will be the FTSE 250-listed outfit's tenth Legoland park.

Chief executive Nick Varney said: "We remain excited about the potential of LEGOLAND Parks, the roll out of which is a strategic growth driver for Merlin, and we continue to look at opportunities for further sites around the world."

As of 1200 GMT, Merlin shares had ticked up 1.05% to 326.50p.