"Two Apartments in Yeouido and a Commercial Property in Mokdong"... Im Chae-moo Smiles Even After Losing 25 Billion Won

[Financial News] "The money invested so far must exceed 25 billion won. I sold two apartments in Yeouido, a commercial property in Mokdong, and a vacation home in Anseong. I even spent some time living in a seven-pyeong studio apartment."
Veteran actor Im Chae-moo, 77, has revealed the financing and management story behind Doori Land, a children’s theme park he has operated for 37 years by pouring in his personal fortune. The disclosure has drawn attention to the high fixed-cost structure of cultural and leisure theme parks, as well as their sustainability.
Im Chae-moo appeared on tvN’s You Quiz on the Block, which aired on the 2nd, and candidly discussed the park’s accumulated deficits and debt since its opening in 1990, along with the costs of maintaining and repairing its facilities.

Located in Yangju City, Gyeonggi Province, Doori Land occupies a site of approximately 10,000 square meters, or 3,000 pyeong. The project began as a 14 billion-won project financing (PF) venture, combining Im Chae-moo’s initial personal investment of 10 billion won with 4 billion won in loans from financial institutions. At the time, he reinvested the entire cash flow of roughly 100 million won a month that he had earned during the 1980s, when the value of money was different, and from the huge success of the drama Love and Truth.
However, depreciation and fixed operating costs continued to weigh on the outdoor theme park. When Yoo Jae-suk asked, "I heard it has been running at a deficit all along and that you have been operating it with your own money," Im Chae-moo replied, "It wasn’t that the deficit began after opening. We started with loans in the first place, so we had been in debt from the beginning." He added, "Electricity bills alone run into tens of millions of won, and enormous expenses for labor, taxes, maintenance and management fees continue to pile up."
In fact, Doori Land faced a bankruptcy crisis due to debt in the range of 19 billion won and accumulated losses. In 2017, it began a large-scale remodeling project lasting about three years to address environmental issues such as fine dust and convert the park into an all-season indoor theme park. It finally reopened in 2020.

Im Chae-moo said the total amount invested was more than 25 billion won. "If you add up the money I earned and the assets I have sold over the years, it comes to about that much," he said. "I sold a commercial property in Mokdong, a vacation home in Anseong, a yacht, a camper van, and even two apartments in Yeouido all at once to raise funds. I had nowhere to live, so I moved from one seven-pyeong studio apartment to another. At one point, I even put a military cot in the amusement park’s shower room and lived there."
He reinvested most of the cash raised by liquidating his assets into facility safety inspections and replacing rides. Im Chae-moo explained, "Most leisure facilities are repaired and maintained for continued use. But whenever we suspected a mechanical defect or felt that repairs would be difficult, we removed the entire machine and replaced it with a new one, even if we could not recover the original investment." He added, "Because of this, I never had a chance to save personal cash."
He also personally took part in building the facilities to reduce labor costs as safety standards were strengthened. Im Chae-moo saved on construction costs by doing 70 to 80 percent of the work himself, including welding and painting, at the four-story indoor recreational complex that now stands on the site.

Doori Land, which maintained a free-admission policy for nearly 30 years, recently switched to paid admission after renovating its indoor theme park to secure a minimum level of cash flow. It is also diversifying its business model as a multifaceted leisure space that incorporates social value (ESG), including programs inviting children with disabilities in partnership with social welfare organizations and its own cultural performances.
"The fact that our employees are paid on time and do not go hungry is itself proof that the business is operating well," Im Chae-moo emphasized. "When I see children running toward us excitedly and laughing, I forget all the pain in the world. I will continue looking after Doori Land for as long as my body allows."
[email protected] Moon Young-jin Reporter