Mohigan Gaming aims to open new resort casinos in South Korea in 2023
Mohigan Gaming & Entertainment, the master developer of the awe-inspiring integrated resort, today announced that it has successfully completed financing for the development of the Inspire Entertainment Resort in Yeongjong Island, Incheon.
With a total investment of $1.55 billion, it will open its doors to global travelers and game fans in 2023, anticipating the revival of Korea's tourism industry and a surge in regional visits due to COVID-19.
"We have a proven track record in developing and operating leading integrated entertainment resorts in North America with our successes in Connecticut, Las Vegas, and Niagara Falls, and we look forward to taking this success overseas as the first U.S. IR to start in South Korea," said James Gessner Jr., president of The Mohegan Tribe and MGE Management Board.
Inspire Inspire Resort, MGE's South Korean unit, is joined by local financial institutions, including MGE's $300 million investment, $275 million in equity raised through global private equity funds Bain Capital and MBK Partners, and a 1.04 trillion won project finance loan (about $890 million) raised through a local consortium involving three banks - KB Securities, NH Investment & Securities and Hana Financial Investment - Kookmin Bank acted as facility construction agents. Hanwha Engineering & Construction Co., Ltd. has made a subordinate investment and completion guarantee of 100 billion won (about 85.5 million dollars) in total project cost, and Hanwha Hotel & Resort Co., Ltd. is also participating as a strategic partner and hotel operator in the project.
Bobby Soper, international president of MGE, said, "We expect the tourism and leisure industry to recover significantly after the pandemic, and we look forward to contributing to the Korean economy while opening and operating a successful state-of-the-art resort. We are pleased to see our international vision for IR development reach this important milestone."
The development of the Inspire Entertainment Resort is underway in the Yeongjong district of Incheon International Airport and the IBC-III area of the Incheon Free Economic Zone, and the construction completion rate is currently about 12%. The Inspire Entertainment Resort, which aims to open in 2023, will be the largest IR in Northeast Asia when completed.
Phase 1 resort development includes three five-star hotel towers, a 15,000-seat multifunctional concert hall, a foreigner-only casino, the largest convention facility in the Seoul metropolitan area, world-class retail service, 24/7 indoor water dome experience, and a spacious outdoor theme space known as the "Family Park."
With the successful completion of this first phase of funding, Inspire is now accelerating towards a 2023 open date.