billion investment
The U.S.-based Mohegan Tribal Gaming Authority anticipates earning about $750 million in fee income from its upcoming Inspire resort, adjacent to South Korea’s Incheon International Airport, 30 miles west of Seoul.
The Mohegan Tribal Gaming Authority, operators of Mohegan Sun in Uncasville, Connecticut, has partnered with Seoul-based chemical company KCC Corp. and Incheon International Airport Corp. to develop an integrated resort with a 20,000-square-foot casino, 250 gaming tables and 1,500 slot machines. The complex will also include a 1,350-room hotel, luxury retail and restaurants, a theme park with an indoor rain forest and a 15,000-seat entertainment arena.
The resort is slated to break ground in 2017 and open in early 2020, MTGA President Bobby) Soper told GGRAsia in November.
Earlier this month at the Bank of America Merrill Lynch 2016 Leveraged Finance Conference, MGTA confirmed it will invest $100 million for 50 percent of the project’s equity and receive a development fee of approximately $45 million. That will be followed by a 24-year management contract worth approximately $30 million per year plus 3 percent of all revenues.
