Incheon Airport to develop ‘Smart Racing Park’ by 2025
Incheon International Airport Corporation have signed an investment agreement with two other signatories to develop the ICT based innovative theme ‘Smart Racing Park’, at Incheon International Airport.
Incheon International Airport Corporation (IIAC) announced that they have signed an investment agreement with Paradise Segasammy.Co.Ltd. and Monolith Incheon Park INC. at Paradise City Incheon on 25 November 2021, for the development of ICT based innovative theme park called ‘Smart Racing Park’ at Incheon International Airport (ICN).
With the agreement, IIAC and two other signatories will strengthen the collaboration for the successful launch and operation of the park. The construction site for the park (approximately 73,600m2) is located at Incheon Airport International Business Complex 1 area (IBC-I), which is assigned for the second phase development of Paradise City integrated resort.
Monolith Incheon Park INC. is going to invest $71million for the development of the racing park by the end of 2024 and IIAC will provide the support of the site preparation and infrastructure construction, to ensure the smooth project implementation.
The Smart Racing Park is a theme park, offering advanced ICT based experience called ‘gravity racing’ and other various sports and game activities. The main attraction, the gravity racing, is a sport entertainment which customers can enjoy the maximum driving speed 40km/h of on a vehicle developed by Monolith INC., which includes online game features, powered by the augmented reality (AR) technology
IIAC expects it to stimulate the early recovery of tourism and air travel demand, which have been contracted due to the COVID-19 pandemic by creating one million annual visitors generated from overseas arrival, transfer passengers and domestic travellers nearby Seoul metropolitan area once the park is operational around 2025.
The new facility is expected to produce the synergy with the Paradise City integrated resort, which has been successfully operating at IBC-I and will complete the tourism cluster of Incheon Airport, covering the area extended to IBC-I from Terminal 1 and 2.
Monolith INC, the parent company of Monolith Incheon Park INC, is a promising start-up Korean company in theme park business and the company is recognised as an industry leader in the technology and innovation. IIAC found the company’s capability early on and developed the business potential into reality by signing the agreement.
Kim Kyung-Wook, President & CEO of Incheon International Airport Corporation said: “I expect the smart racing park will not only generate new air travel demand, necessary for overcoming the current crisis but also provide overseas and Korean tourists with the innovative entertainment only available at Incheon Airport. Incheon International Airport will transform itself into the art and culture hub, creating the values exceeding the functionalities as an airport, based on the differentiated contents.”
Airport development, Augmented reality (AR)/ Virtual reality (VR), COVID-19, Digital transformation, Information technology (IT), New technologies, Non-aeronautical revenue, Passenger experience and seamless travel, Terminal operations, Tourism