The park, which has been dubbed the name 'MGM Studio Park', is planned to be jointly built by MGM and Busan City, with the city providing the park's 1 million square meters of land and infrastructure. MGM, however, will reportedly invest as much as $600 million USD for the first phase of the park, which will include the park, a hotel and other facilities, such as a movie studio.

The new theme park will be part of a tourism complex Busan is building in the eastern part of the city and has been reported to be the model for a future theme park. If all goes smoothly, the park is set to open in 2011 with construction starting as soon as the end of next year.