150,000 new jobs anticipated
A U.S. Indian tribe’s ambitious plan to develop a multibillion-dollar resort on Yeongjong Island in South Korea is one step closer to fruition. In July, Incheon International Airport Corp. and Inspire Integrated Resort signed an agreement to build the Inspire resort in an area that will also include a “logistics complex, hotels and an aviation training center, creating a synergy-effect,” IIAC CEO Chung Il-young said at the signing ceremony in Seoul.
Inspire is a partnership of Connecticut-based casino operator the Mohegan Tribal Gaming Authority and Korean chemicals maker KCC. The consortium will invest a total of $5 billion (5.5 trillion won) on a 2.6 square kilometer site in the International Business Center zone near the airport. The resort complex will be built in stages, reported the Korea Times.
Phase I of the resort is expected to be complete by 2019, with Inspire slated to open in 2020. The IIAC will lease the site to the resort operator for 50 years.
“We hope the Inspire Integrated Resort development will become Korea’s representative landmark tourism facility, so that Incheon airport can develop into a center of aviation, tourism and culture in Northeast Asia,” said the executive.
Inspire will open with a foreigners-only casino and two hotels with a total of 1,350 rooms. The complex will also feature a 15,000-seat performance hall, a Paramount-themed amusement park, a convention hall and high-end restaurants. The project is expected to create 150,000 jobs and generate about 6 trillion won in tourism revenue each year. In addition, around 10 trillion won in tax revenue is expected over the next 30 years, contributing to the development of not only the regional economy but that of the country as a whole, according to the IIAC. The airport corporation also expects the integrated resort to attract around 3 million guests in its first year of operation.
“Inspire Integrated Resort will be a world-class integrated entertainment resort, which brings together Korea’s culture spanning from hallyu to sports and the U.S.’s advanced operation know-how of the entertainment industry,” said Kang Yeon-sup, a director of Inspire Integrated Resort.
