When Shanghai Disneyland opened its gates in 2016, it made waves as the largest theme park in Asia. A joint venture between the Walt Disney Company and Shanghai Shendi Group, the project came with a $5.5 billion price tag and much anticipation. Shanghai Disneyland became the sixth Disney park in the world and the third in Asia, joining the ranks of Tokyo Disneyland and Hong Kong Disneyland.
Before its grand opening, China had high hopes that this magical addition would boost domestic spending. The government predicted that Shanghai Disneyland would bring in around 4.4 billion yuan (roughly $624 million) in ticket sales during its first year, with an overall economic impact estimated at about 5 billion yuan ($709 million).
COVID-19 may have hit the theme park industry hard, but Shanghai Disneyland drew an impressive 113 million visitors in its first seven years despite the challenges. Thanks to this surge in foot traffic, China reported 61.5 billion yuan (around $8.7 billion) in tourism revenue—talk about bouncing back!
As word of China’s tourism success spread, it reignited South Korea’s discussions about their past attempts to bring a Disneyland to the country. The idea of a magical Disney park had been a hot topic in several election campaigns.
When Lee Myung Bak was elected mayor of Seoul in 2002, he vowed to bring a world-class theme park—like Disneyland—to the city, pointing out the area’s lack of top-tier recreational facilities. After taking office, he remained passionate about the project, frequently mentioning it as a key goal for Seoul’s development.
In 2005, it looked promising for Seoul to get its own Disneyland. Then-mayor Lee Myung Bak confidently announced, “We’ve made significant progress in negotiations with the Walt Disney Company and expect to officially reveal plans for a world-class theme park near Seoul in early 2006.” He added that secret negotiations with Disney were underway, with a team of experts working out the contract details, sparking excitement and high hopes across the city.
By 2006, Lee was even more optimistic, saying, “We should be able to start construction in about a year.”
At the time, industry insiders didn’t consider the idea of bringing Disneyland to Seoul far-fetched at all. Disney had spent over a year scouting potential locations, including Incheon Yeongjong, Cheongna, and Seoul Grand Park, and the market seemed viable.
But despite the buzz, Lee couldn’t lock in a commitment from Disney before his term ended, leaving many to wonder if Seoul’s Disneyland dream had slipped away. Still, his successor, Mayor Oh Se Hoon, gave a glimmer of hope, saying, “It’s not completely out of reach. ” However, further discussions with Disney never materialized, and the city stayed silent on the matter after that.
During this period, China made a decisive move. To attract Disneyland, the country offered exceptional conditions, including a 99-year land lease at no cost, a $3 billion investment by the state-owned Shanghai Shendi Group for a 57% stake, and the central government and Shanghai covering all infrastructure costs, such as roads and subways.
China provided significant tax exemptions, regulatory relaxations, and various conveniences for Disney during the construction of Shanghai Disneyland to facilitate the park’s attraction. At that time, South Korea was embroiled in a legal battle over the development site for Disneyland, as the Seoul city government had proposed Gwacheon Seoul Land as a potential location for Disney.
The ownership of Seoul Land belonged to the city of Seoul. However, Han Deok Development, which operated Seoul Land then, strongly opposed this and filed a legal lawsuit over the operating rights. According to industry sources, Han Deok Development originally developed Seoul Land in 1985 under a donation agreement that allowed 20 years of free use. In 2004, after the initial 20 years, they decided to enter into a paid usage contract, securing a 10-year paid usage agreement. However, changes in the mayoral administration reportedly altered the terms of the contract.
The lawsuit resulted in the city of Seoul losing the case, effectively ending the prospect of attracting Disneyland. Alongside domestic legal disputes and China’s aggressive efforts to secure the park, South Korea’s hopes for Disneyland faded away like a fleeting dream.
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