Development will be part of “Airport City”
The Mohegan Tribal Gaming Authority and Incheon International Airport Corp. in South Korea have signed a deal to develop an integrated resort near the airport to be called Inspire. According to a joint news release from the venture partners, Inspire will “play a significant role in the South Korean economy,” contribute $US1.6 billion in foreign direct investment and create 24,000 jobs during the first phase of development.
“We are pleased to progress to the next stage of our proposed partnership with IIAC by finalizing a conceptual agreement on Inspire, a visionary, first of-its-kind resort that represents the next major evolution in the global hospitality, tourism and gaming industries,” said MTGA President Bobby Soper in a statement. “We are excited to extend the unique Mohegan Sun brand with the support and collaboration of IIAC as we work to develop a must-visit destination.”
IIAC President and CEO Park Wan-su, said the project will make cement Incheon “the best airport in the world” and “a top leisure destination in Asia.”
Inspire will include more than 300,000 square meters (3.2 million square feet) of gaming and entertainment space. It will include two hotel towers with 1,000 guest rooms; a Korean village and a Native American “cultural and arts experience”; 60 retail outlets and more than 20 F&B outlets; a Korean spa with a “Fountain of Youth” feature; a 20,000-seat concert arena; and an amusement park.
The 20,000-square-meter (215,000-square-foot) casino will have 250 table games and 1,500 slot machines.
The project is still subject to Mohegan Sun securing a gaming license from South Korea’s Ministry of Culture, Sports and Tourism, the release added.
The companies estimate the construction cost for the private air terminal at US$35 million, with a further US$320 million to be spent on the entertainment arena and US$140 million for the theme park. The statement did not provide an estimated cost either for the hotel towers or the casino.
GGRAsia reports that the airport, the gateway to the capital city of Seoul, is one of the largest air transport hubs in Asia. In 2014, it served 45 million passengers.
In November, South Korean casino operator Paradise Co. Ltd. broke ground on its US$1.7 billion Paradise City, which will adjoin Inspire. The development, in partnership with Japan’s Sega Sammy Holdings Inc., is scheduled to open in 2017. The MTGA says the two developments will create a complementary “Airport City” that is unique in the world.
