Mohegan plans to open resort in South Korea by 4Q23: Soper
The international chairman of the casino group Mohegan Gaming and Entertainment told GGRAsia that the company plans to open its casino project in South Korea by the “fourth quarter of 2023”, after finalizing the funding in November this year. of the project.
Mohegan Gaming, currently a tribal casino operator in the United States, is developing the Inspire Entertainment Resort (shown in a render), a resort that will have a foreign-only casino near Incheon International Airport, the main plaque South Korea aerial tour.
“First phase [of Inspire] will be completed in the fourth quarter of 2023, and it will have significant integrated resort amenities, ”Soper said in an interview with GGRAsia.
This phase will include three towers of 5-star hotels, with a total of 1,200 rooms. In addition to the casino reserved for foreigners, it will also offer a 15,000-seat performance arena, a space for conventions, shops, an indoor water park with a capacity of 3,000 customers and a large outdoor space on the theme of “Family park”.
The project will also have a private terminal, which would be part of the complex. “It will certainly be part of the first phase” of the project, confirmed the executive. According to previous reports, the terminal is managed as a private airport, under a fixed-base operator agreement.
At the end of November, Mohegan Gaming announced that it had closed the Funding of US $ 1.55 billion for the first phase of the South Korean project. The funding includes a total of US $ 575 million in equity, comprised of a US $ 300 million investment from Mohegan Gaming and US $ 275 million raised through global private equity firms. The finance package also consists of a loan of KRW 1.04 trillion (approximately US $ 890 million), raised through a consortium of three South Korean banks.
In his comments to GGRAsia, Mr Soper acknowledged that the Covid-19 pandemic had affected Mohegan Gaming’s “ability to finalize” funding for the Inspire program.
“It was more difficult, especially since part of the funding for the project was in [South] Korea through local Korean banks, ”the executive noted. “But we got there, and the first phase of the project is fully capitalized, we are re-mobilizing, and construction has already started.”
Mr Soper further said the company is already planning phase two of Inspire.
“We intend to move relatively quickly to phase two after the opening of phase one. We have significant land even beyond phase two, and our plan will be carried out in phases over the next 20 years, ”he said.
Mr Soper said it was “premature to provide an actual schedule” for phase two of the complex, but the expansion of the property would also include an “important thematic element”.