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$2.8 billion theme park resort planned for Moscow

A $2.8 billion theme park resort in Moscow is under development with the involvement of Universal Parks & Resorts.

The theme park resort is planned to include two hotels totaling 1,100 guestrooms as well as a convention center and 20,000-capacity arena. The developer of the project, Russian real estate company BIN Group, told Reuters on Thursday that it is preparing an application to Moscow municipal authorities to build the 37-acre (15-hectare) Galaktika Park. Universal Studios would manage a indoor water park in the complex.The park would mark the European debut of Universal, the Orlando-based them park unit of NBCUniversal Media. BIN is controlled by Sait-Salam Gutseriyev, brother of Russian billionaire Mikhail Gutseriyev."Russia is an important and attractive market and we see significant potential for the kind of themed entertainment experience we offer," Michael Silver, Universal's president of global business development told the Orlando Sentinel.Another massive theme park resort, the US$2.5 billion Magic World Russia, is also under development in the Moscow urban area and is set to open in 2016.

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