Is This Major Theme Park’s Future Doomed?

in LEGOLAND

Family at Legoland Korea theme park

Credit: LEGOLAND

A massive theme park is on the verge of financial disaster, possibly causing a nationwide economic crisis and tarnishing the brand’s image.

After barely six months of operations, a brand-new theme park is on its path to what many consider to be a doomed future, possibly causing a nationwide crisis due to a lack of liquidity and much lower attendance than expected, forcing the theme park to modify its operations for the rest of this year and the beginning of 2023.

Legoland Korea Resort Aerial view
Credit: The Korea Herald

LEGOLAND Korea Resort opened on May 5, 2022, to celebrate Korea’s Children’s Day after facing several obstacles and delaying its opening for over ten years. While highly-anticipated the theme park appeared to be a smashing success during its first months of operation, the Resort has recently seen its attendance decrease drastically, making the fear of tarnishing the brand’s image grow more each time.

Legoland Korea Entrance
Credit: LEGOLAND Korea Resort

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Per the Korea JoongAng Daily, LEGOLAND Korea Resort is seeing far lower attendance than the projected 2 million Guests a year, which is understandable considering the theme park charges a 50,000 won (roughly $35) admission per person, an expensive parking fee and accommodation fees higher than most five-star hotels in Seoul. In addition, Guests have complained online regarding the lack of rest areas, adult-friendly activities, ride operations, and few dining offerings.

Per The Korea Times, the concerns about the Resort’s future have grown further after the Resort’s operator decided to open the facility only on weekends between November and December and to close it temporarily between January 1 and March 23 next year. This three-month closure is intended to allow maintenance work to be carried out during the winter and is not related to the Park’s operations, as stated by officials. The company’s PR agency said, “Consumers who planned to visit Legoland are making inquiries frequently, worrying about a permanent shutdown of the Resort’s operation.”

Dragon coaster at legoland korea
Credit: LEGOLAND

The company has also asked the media to refrain from using the term “LEGOLAND Crisis” in their headlines, as it is considered misleading towards the Park’s operations. “A setback in Legoland’s operation and a reduction in visitors caused by the use of such terms may also have a negative impact on Gangwon Province’s tourism industry,” said the company.

Adding to these troubling setbacks, the theme park had to cancel its Halloween event after a tragic incident in the Itaewon area of Seoul that left at least 151 people dead on Halloween weekend. This decision was taken out of respect to mourn the victims. 

banner for legoland korea resort's holiday event
Credit: LEGOLAND Korea Resort

However, LEGOLAND Korea Resort is planning to host a Halloween Monster Party by the end of this month, giving candy away, holding contests for best costumes, and organizing dance performances and other entertainment offerings. In addition, the Park announced its holiday events taking place from November 18 through December 31, 2022.

LEGOLAND’s official site assures that the Park “will continue to deliver Guests experiences and magical, memorable moments to customers with a range of diverse events and new promotions in the coming year” and that “The news mentioning debt issues have no direct impact on LEGOLAND® Korea Resort, its finances or any operational running of our Resort.”

family at Legoland Korea Pirate Shores
Credit: LEGOLAND Korea Resort

The Park’s website shows the following message as soon as Guests enter the site:

Official Announcement

Legoland® Korea Resort would like to reassure our guests that Legoland® Korea Resort does not have any problem with the operation and financial status.

You can read the Park’s complete statement by clicking here.

 

Inside the Magic will continue to report as this situation continues to develop

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