[Edaily Reporter Shin Ha-yeon ] Daesung Fine Tech. Co., Ltd(104040)has entered the final stages of securing investment funds for the development of its mixed-use theme park project, “9.81 Park Incheon Airport.”

DSM Corporation announced on the 22nd that it has decided to issue 10 billion won worth of convertible bonds (CBs) to raise funds for the production of key content for the Incheon Airport location.

Through this funding round, DSM Corporation will secure a total of 100 billion won in project funds, combining the 87 billion won in project financing (PF) secured by its subsidiary, Monolith Incheon Park.

The PF funds will be invested in infrastructure development, such as the construction of the theme park, while the funds raised through this CB issuance are scheduled to be used for the development of next-generation racing vehicles, content production, and the development of a platform targeting global users.

9.81 Park Incheon Airport is a large-scale indoor spatial game theme park being developed near Incheon International Airport. Combining Monolith’s mobility platform technology with game content, the park targets the 80 million annual passengers at Incheon Airport and the 26 million residents of the Seoul metropolitan area as its potential customer base.

The company estimates that the facility will be able to accommodate up to 2 million visitors annually, with maximum annual revenue projected to exceed 80 billion won. Construction is currently underway, with the project approximately 70% complete, and the facility is scheduled to open next spring.

DSM Corporation previously secured a plot of land near Paradise City from Incheon International Airport Corporation under a 50-year long-term lease. The company explained that, following project financing (PF) secured in March of this year, it has now completed the key funding required to move the project forward by raising capital for content investment through this convertible bond (CB) issuance.

The payment date for the convertible bonds is the 29th of this month. The company expects the payment process to proceed smoothly, given the participation of institutional investors.

“9.81 Park Jeju,” operated by Monolith—which was acquired by DSM Corporation—recorded sales of 17.2 billion won and EBITDA (earnings before interest, taxes, depreciation, and amortization) of 4.6 billion won last year. In the first quarter of this year, it also posted 33% year-over-year growth, driven by an increase in foreign tourists.

The company expects the Incheon Airport location—which will be more than twice the size of the Jeju location—to serve as an additional growth driver, leveraging airport foot traffic and demand from the Seoul metropolitan area.

A DSM Corporation official stated, “The purpose of this convertible bond (CB) issuance is to raise funds for developing core content at the Incheon Airport location,” adding, “We plan to focus our efforts on enhancing the park’s quality before its opening next spring and ensuring that this leads to substantial earnings growth following the opening.”