The Mohegan Sun and its partner Korean chemicals maker KCC Corp. have won a bid from the South Korean government to build a .21 billion casino resort for foreigners only on Yeongjong Island, west of Seoul. Locals will be able to partake of the non-gaming amenities of the resort, but cannot gamble.
The foreigners’ casino playground will be called Inspire Integrated Resort, and should break ground in 2017 and open in 2020. It will include a 215,278 square foot casino, shopping venues, a K-pop arena, dining and bars, and a theme park, with only the casino closed to local residents.
In an interview with the Korean Yonhap news agency Bobby Soper, president of the Mohegan Tribal Gaming Authority said, “We consider ourselves an entertainment-driven company. We’ll be one of the premier entertainment venues in all of Asia,” adding, “Our plan is to have international celebrities, both K-pop and Western performers. We want those long-standing successful brands to be able to elevate Korean brands, whether it’s food or international celebrity chef restaurants. We want to make sure that those budding high-potential Korean chefs can certainly go toe-to-toe on the international culinary stage.”
Competition will include the Paradise Sega Sammy, being built by Paradise Company and Japan’s Sega Sammy Holdings and a casino resort by Caesars Entertainment and the Lippo Group that was originally set to open in 2018, but may be delayed indefinitely due to Caesars’ current bankruptcy proceedings.
Soper said that the competition would probably create a “cluster impact” that would benefit all of them. “Their programming is focused on convention rooms, and our programming is focused on recreational and retail. Those two different types of programming will complement each other very well,” he said.
South Korea has 16 foreigners-only casinos and one casino open to all residents. Inchon’s international airport processes 45 million visitors a year and is building an additional terminal.
According to Soper, “The market is so significant. There are several million Chinese whose jurisdiction is so close to our resorts relative to any other location. The airport’s expansion also presents a great opportunity.”
China’s anti-corruption campaign has had a major impact on Macau, but isn’t seen as creating a problem for this resort since it won’t be aimed primarily at VIPs and high rollers. “Our business is more of mass gaming. From our perspective, that type of crackdown by the Chinese government does not affect our business,” Soper told Yonhap.
