Shinsegae expects the theme park, Star Bay City, to attract 30 million visitors annually once it opens, making it a landmark destination in Asia.
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| Rendering of Star Bay City, a theme park to be built by Shinsegae and Paramount Global |
South Korea’s retail giant Shinsegae Group announced on Thursday, October 9 that it has partnered with US media group Paramount Global on a 4.57 trillion won ($3.39 billion) international theme park project.
Shinsegae Inc. said its affiliate Shinsegae Hwaseong will lead the project that involves creating a 4.2 million square meter complex in Hwaseong, Gyeonggi Province, 45 km (or about 28 miles) south of Seoul.
Shinsegae Hwaseong is a special purpose company majority-owned by Shinsegae Property Co., which runs the conglomerate’s Starfield shopping complex in Korea.
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| Rendering of Star Bay City |
The Hwaseong International Theme Park project will feature not just a 1.19 million square meter theme park, dubbed Star Bay City, but also facilities like a water park, a Starfield shopping complex, premium outlets, a golf course, luxury hotels, resorts and residential areas.
The theme park alone will cost some 1.4 trillion won (around $1.3 billion), according to Shinsegae.
Although the original plan was to partner with Universal Studios, Shinsegae later agreed to join hands with Paramount, sources said.
Shinsegae said it is taking steps to obtain approval for the construction of the Star Bay City project from the Gyeonggi provincial government, with an aim to open the theme park in 2029/2030.
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| Shinsegae President Im Young-rok (left), Paramount Theme Park Entertainment head Marie Marks (third from left) and other dignataries pose for a photo after agreeing on a $3.39 billion theme park, Star Bay City |
Once up and running, the theme park is expected to attract some 30 million visitors annually, according to Shinsegae.
Shinsegae Hwaseong, a Shinsegae Group subsidiary handling real estate development and theme park management, held a ceremony to announce the project on Thursday, October 9, attended by executives from Shinsegae and Paramount Global and government officials from Gyeonggi Province and Hwaseong City.
Marie Marks, head of Paramount Theme Park Entertainment, emphasized the strategic location of the theme park, stating, "Hwaseong International Theme Park is in an excellent location that is easily accessible for both domestic and international visitors. With its vast site and nearby tourist resources, it is the optimal place to establish a theme park. We will create a world-renowned theme park in collaboration with Shinsegae."
Lim Young-rok, president of Shinsegae Group, highlighted the unique experience the theme park will offer, saying, “The theme park will be more than just an amusement park. It will offer a space where visitors can experience characters and stories from their imaginations in real life, providing a unique blend of fun, inspiration and relaxation for people of all ages,
"This theme park utilizing the Paramount brand is not just an amusement park but a space where customers can experience characters and stories from their imagination in reality, enjoying unique joy, inspiration, and healing. We will introduce a new theme park that has never existed before, in collaboration with Paramount, which holds a wide range of entertainment content that can be enjoyed by both children and adults."
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| Rendering of a water park within Star Bay City, a theme park to be built by Shinsegae and Paramount Global |
DESIGNED BY PARAMOUNT
According to Shinsegae, Paramount will be directly involved in the design of the theme park to enhance the realization of its intellectual properties (IP), showcasing the charm of Paramount through state-of-the-art rides based on a variety of shows and characters with cutting-edge media technology.
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| Rendering of Star Bay City |
Known for its global TV and film content distribution, Paramount owns channels like, Nickelodeon, CBS, Paramount Pictures, MTV and Paramount Plus. It's world class franchises include
SpongeBob SquarePants,
Teenage Mutant Ninja Turtles,
Mission: Impossible,
Top Gun,
Gladiator,
The Godfather and
Star Trek, among others.
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| Rendering of Star Bay City |
The park will allow visitors to experience these Paramount IPs firsthand through attractions, show programs, exclusive merchandise and dining options, all tailored to Star Bay City, according to Shinsegae.
Marie Marks, head of Paramount Theme Park Entertainment, said the park’s location is ideal for both domestic and international visitors due to its size and proximity to other tourist resources. She expressed confidence that the partnership with Shinsegae would create a “globally recognized theme park.”
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| Rendering of Star Bay City, a theme park to be built by Shinsegae and Paramount Global |
Gyeonggi Province Governor Kim Dong-yeon expressed his vision to establish Everland, owned by Samsung, and Hwaseong International Theme Park as the two cultural centers of the province, pledging full support for the construction of the new park.
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| Rendering of Star Bay City |
The development of Starbay City aligns with South Korea's broader strategy to boost its tourism sector and attract both domestic and international visitors. The project is expected to have significant economic and social impacts, creating jobs, fostering related businesses, and contributing to the local economy.
Shinsegae Hwaseong plans to develop various show programs, proprietary merchandise, food and beverage options, and other content specialized for Starbay City. The unprecedented theme park aims to provide joy, inspiration, and healing, and is expected to become a landmark in Asia.
The project will cost 9.5 trillion won (or about $6.6 billion) for total development through 2050, nearly double the original estimation when the park was first announced in 2024.
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Originally published; November 07, 2025.
