Smilegate to Open Theme Park in Jeju Eight Times Size of Soccer Field

Smilegate, the Korean game developer behind the CrossFire franchise, is building a theme park on Jeju Island. The move is seen as an effort to find new strategic businesses beyond gaming by utilizing real estate assets the company has been acquiring.

According to the IT industry on Tuesday, Smilegate plans to develop the Small Land Theme Park site in Andeok-myeon, Seogwipo City, Jeju, and open a new theme park facility. The site for the new theme park spans approximately 50,000 square meters, equivalent to eight soccer fields. The new theme park will be designed around a relaxation theme, featuring scenic landscapes, art installations, cafes, and food and beverage options. It will also include some rides such as a narrow-gauge train running on tracks. The park is scheduled to open in the first half of next year.

Smilegate established a separate entity called Cat Park Museum in June with capital of 15 billion won ($11 million) for the Jeju theme park business. Cat Park Museum is a wholly owned subsidiary of Smilegate Holdings, and will be led by Lee Jung-joon, former vice president and chief financial officer of Smilegate Holdings who also headed the World Cyber Games (WCG) esports tournament. Lee Jin-beom, current CFO of Smilegate Holdings, also serves as an inside director.

This marks Smilegate's first domestic theme park. The company previously opened indoor and outdoor theme parks themed on its flagship title CrossFire, called "Crossing Fire: Fireline Battlefield," in Suzhou, Shanghai, and Guangzhou, China between 2020 and 2021. However, the Jeju theme park will not be linked to Smilegate's existing game intellectual property and will feature its own independent theme and concept. The scale is also five times larger than the Guangzhou CrossFire theme park, which spans 10,000 square meters.

Industry observers suggest the theme park represents an effort to pioneer new businesses such as real estate development, separate from the company's core gaming business. "Smilegate has been a company that has shown interest in various businesses including finance and has expanded its operations," an industry official said. "This appears to be an attempt to reduce dependence on specific game IP and diversify its portfolio."

In fact, Jung Hyung-chul, head of asset development who oversees Smilegate's real estate assets and spatial strategy while also managing new strategic businesses, participates as an executive at Cat Park Museum.

Smilegate explained the project aims to utilize its real estate holdings and strengthen its online and offline entertainment business. The property was purchased by Smilegate Holdings in December 2023, with ownership rights secured in March last year. At the time, Smilegate had just purchased land in Dongcheon-dong, Yongin, Gyeonggi Province two months earlier. The company explained the Dongcheon-dong site was acquired "to secure office facilities from a long-term perspective without designating a specific use."

"The Jeju property was also purchased to secure land that could be utilized in the future," a company official said. "We decided to pursue the theme park business as one way to provide enjoyment to consumers offline, in addition to online games."