Hwaseong was selected in 2007 as the proposed site for Universal Studios South Korea, a massive theme park planned for development south of Seoul. The original proposal called for a US$3.1-billion investment and envisioned a park larger than the other four Universal Studios theme parks combined. The project was expected to create more than 58,000 jobs.
The original plans targeted an opening in 2012, although the date was subsequently pushed back. In 2014, the project was cancelled after difficulties securing financing and reaching agreements over the land. Plans were revived in 2015, with a new consortium selected to develop an international theme park that would include a Universal Studios attraction.
However, Universal Studios denied having any involvement in the revived project. The plans continued to encounter financial difficulties, and by 2020, the Universal Studios South Korea proposal had officially been abandoned.

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