Universal signs deal for Beijing theme park

Posted at 8:58 AM, Sep 15, 2015
and last updated 2015-09-15 08:58:33-04

State media report a signing ceremony for the joint venture took place Sunday at the New York headquarters of Comcast NBCUniversal, which owns Universal Studios Hollywood.

Universal Parks & Resorts, a Comcast unit, is partnering with Beijing Shouhuan Cultural Tourism Investment Co. Ltd., to invest in and operate the project.

The park, an entertainment complex and the first-ever Universal-branded hotel will occupy a 300-acre site.

China's Cabinet and national economic planning agency approved the theme park project -- 13 years in the making -- in September last year.

It will be Universal's third theme park in Asia, after Singapore and Osaka, Japan.

Investment in the project is reportedly more than $8 billion, including the expansion of a subway line.

As U.S. and European amusement parks see flattening or declining attendance, entertainment companies are betting on China to drive expansion.