YEOSU — The 2026 Yeosu World Island Fair officially concluded its 61-day schedule on Wednesday, drawing scrutiny rather than celebration. Despite drawing a massive financial commitment of over 70 billion won, the international exposition—the first major regional event following the Jeonnam-Gwangju integration—was widely criticized for underwhelming attractions, administrative missteps, and financial shortfalls.

The organizing committee hosted a modest closing ceremony at the Dolsan Jinmo District main venue, attended by roughly 1,000 citizens and visitors. The event featured a video retrospective, a formal closing declaration, and cultural performances, bringing an end to the two-month exhibition.

While final tallies are still pending, attendance and ticket revenues are projected to miss initial projections by a wide margin. Cumulative attendance reached approximately 2.5 million by the eve of the closing, falling short of the 3-million goal.

Critics attribute the turnout gap to a combination of rushed preparations and lackluster exhibits. Ahead of the opening, incomplete construction sites sparked public concern, while early-stage exhibits drew mockery—such as a traditional boat performance staged using a modified 1-ton cargo truck. Complaints also surfaced regarding overpriced, low-quality food options at the venue.

In an effort to boost numbers, organizers expanded free-admission policies and added high-profile concerts and interactive programs later in the run, successfully driving up foot traffic. However, this strategy failed to generate revenue. Approximately 80% of all visitors entered free of charge, leaving ticket sales at roughly 4.1 billion won—less than half of the 9.6 billion won target. Furthermore, over 70% of advance tickets reportedly went unused.

Financial and structural hurdles now face local authorities. The event's direct budget ballooned to over 72 billion won, a substantial increase from the 24.8 billion won initially approved by the central government in 2021. When including peripheral infrastructure projects like access roads, total expenditures approached 183 billion won, prompting demands for a thorough financial audit.

Adding to the controversy, approximately 30 local contractors have reported a combined unpaid balance of 3.5 billion won, citing sudden specification changes and expanded workloads during venue construction. Meanwhile, the city government has yet to establish concrete post-event utilization plans for permanent structures like the theme zones, though public consultations are scheduled for next month.

Pressure is mounting from national oversight bodies as well. A public audit request—backed by over 6,700 citizens and submitted via lawmaker Joo Jin-woo—is currently pending before the Board of Audit and Inspection, focusing on budget escalation, contract execution, and facility legacy planning.

Reflecting on the event, Jeonnam-Gwangju Mayor Min Hyung-bae pledged to conduct a thorough review of the fair's outcomes and shortcomings, emphasizing a continued commitment to developing maritime and island-based industries.

[ⓒ Global Economic Times. 무단전재-재배포 금지]