SM Completes 1 Billion Won CB Payment to Fund 9.81 Park at Incheon Airport

SM has finished making the fifth tranche of private placement convertible bonds (CB) worth 1 billion won for the “9.81 Park” project located near Incheon International Airport. Combined with the 87 billion won in project financing secured in March, this funding round brings the total capital raised to 1 trillion won.

Major financial institutions such as Suseong Asset Management, GVA Asset Management, and WC Asset Management participated as investors in these CBs. In March, SM’s subsidiary Monolith Incheon Park secured 87 billion won in project financing led by Hana Bank, which was used to build physical infrastructure including buildings and racing tracks. The funds from these latest CBs will be allocated entirely to developing high-value content and a next-generation gaming platform for the Incheon Airport location.

9.81 Park at Incheon Airport will feature cutting-edge racing technology designed for global visitors. The new racing vehicle system will include AI-based driving control, real-time mission and reward systems, as well as haptic and sound integration features, creating an immersive experience with enhanced game elements.

The project targets approximately 80 million annual visitors to Incheon International Airport and around 26 million people in the greater Seoul area as its customer base. Its scale is expected to be about twice that of the existing Jeju location, aiming to attract around 2 million visitors per year and generate up to 80 billion won in annual revenue.

SM plans to use the Incheon Airport location as a global showroom to license the intellectual property (IP) of 9.81 Park to international markets in the future. As of now, the construction progress is at around 70%, with final construction work underway ahead of an official opening next spring.