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Korean resort operator Daemyung to spin off leisure business

2018.09.05 13:49:42 | 2018.09.05 15:53:40
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Daemyung Leisure Industry Co.`s Ocean World.

Daemyung Leisure Industry Co.`s Ocean World.

Daemyung Leisure Industry Co., South Korea’s largest operator of resorts and hotels, will spin off its theme and leisure businesses to burnish its corporate identity as a comprehensive resort and leisure group.

The Korean company said Wednesday it will change its name to Daemyung Hotel & Resort and demerge its water amusement park Ocean World, ski resort Ski World and golf club Vivaldi 9GC to form a separate entity named Daemyung TP&E (Theme Park & Entertainment) as of Oct. 1. The spinoff is subject for approval from the company board and shareholders this month.

“The demerger plan is an effort to broaden our corporate identity beyond resorts to leisure and recreation,” said an official from Daemyung Leisure Industry. “The two business units would be run independently so they can build on their respective strengths.”

The company is also keen on introducing new business ideas to bolster its leisure services. It has recently joined hands with Korean media company CJ Hello Co. to open a virtual reality adventure center at one of its resorts in Hongcheon, Gangwon Province. At another resort it is building in Wonsando, an island on the west coast of South Chungcheong Province, it plans to add various recreational facilities that would include an aqua park, horse riding stable and kids park, with an aim to make it the country’s largest marine resort.

To seek growth opportunities outside of Korea’s saturated resort and leisure market, it is also said to be mulling expansion to China and other countries.

By Shin Ik-su and Kim Hyo-jin

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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