Universal Announces Plans For Third Theme Park in Asia

Malaysia -- Universal Studios and Renong, a Malaysian conglomerate announced plans to develop a $800 million theme park in the Johor, a southern state of Malaysia. The new theme park will be modeled after Universal's Spain theme park Port Aventura.

The new theme park is the centerpiece of a $2.2 billion, 1,980-acre development that includes hotels, a golf course and convention center. Construction is slated to begin next year and the park is expected to open in 2004. Universal expects the theme park to draw four million visitors a year.

Universal currently operates three theme parks in United States, Universal Studios Hollywood, Universal Studios Orlando and Islands of Adventure Orlando. This new park will be the third Universal park in Asia.