Mohegan Tribal Gaming Authority, one of the leading casino operators in the United States, is working on constructing its new casino resort Inspire Korea.
The casino will be located in Incheon, which is near Seoul, the capital of South Korea. The company claims that the building of the casino resort is “running ahead of schedule.”
Raymond Pineault, the chief executive of the Mohegan Tribal Gaming Authority, said: “We anticipate project completion and non-gaming opening in the latter part of 2023, with the casino opening shortly thereafter upon licensing. Project completion was 45.3 percent at the end of January.”
He held a conference call with investment analysts on Thursday, and this discussion followed the results the company made during the last quarter of 2022.
Because of the regulations in South Korea, the casino will welcome only foreign patrons. There will be a leisure offering, along with the hotel with 1.270 suites and rooms. After the construction is finished, the resort will be able to welcome 15,000 guests in a huge multi-purpose arena. The company’s local unit is taking care of the project.
The guests will be able to enjoy an indoor water dome experience and an outdoor park for the ones who don’t love spending much time inside.
Pineault commented: “Following a comprehensive review of Mohegan Inspire, we anticipate making additional equity investments to fund a variety of items related to the project.”
The main focus is currently on expanding the hotel rooms, as well as the space where the conventions and meetings will be held. Also, the company is working on expanding its “food and beverage capacity.”
According to Pineault, the additional budget is set aside for the amenities that aren’t strictly connected to the gaming industry. He said that the company wanted to support other property functions, capturing a solid market share.
The company also has additional funding that will be spent on pre-opening expenses, as well as on the costs that increase day-to-day and other working capital. The company signed a funding agreement with one of the largest companies in South Korea, Hanwha Corp.
Three years ago, Mohegan signed a deal with Hanwha Corp, making it the company’s main investor for the project in South Korea. Hanwha Hotels & Resorts Co Ltd will be in charge of all non-gaming offerings at the property.
This isn’t the first casino in Incheon. After the famous Paradise City, this casino will be the next to strengthen the partnership between Korea’s Paradise Co and Sega Sammy Holdings, a renowned Japanese gaming company.
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