Soper calls KCC “the perfect partner”
South Korean chemical company KCC Corp. has joined with U.S. tribal casino operator Mohegan Sun in a proposal to develop a casino resort on Yeongjong Island. According to GGRAsia, KCC has acquired a 24.5 percent stake valued at 203 billion won (US$176 million).
The Connecticut gaming giant has proposed a foreigners-only megaresort called Inspire near Incheon International Airport. The deadline for applications was November 27. The South Korean Ministry of Culture, Sports and Tourism will announce the winners by the end of the year.
The project, if approved by the government, will include a US$1.6 billion integrated resort near the airport, and eventually reflect a $5 billion investment over 20 years. Inspire will open in phases, starting with a 20,000-square meter (215,278-square-foot) casino with 250 gaming tables and 1,500 slot machines. It would also have a private air terminal; a 1,000-room luxury hotel; a 20,000-seat arena; a theme park and convention center; and shops, restaurants and other attractions.
KCC Corp. manufactures products for the construction, automotive, electronics, consumer and industrial appliance industries among others in South Korea and internationally, GGRAsia reported.
“We are excited to team up with KCC as we believe they are a perfect partner,” the president of Mohegan Sun, Bobby Soper, told the publication in an email. “Not only do they have a strong appreciation of doing business in Korea and complement the project with their expertise as a top-notch supplier and contractor, but we are aligned in our values, as we both believe in the great importance of operating with transparency, integrity and commitment to the community.”
Two other leading casino operators, Grand Korea Leisure Co. Ltd. and Hong Kong-listed NagaCorp Ltd., originally planned to bid for a license in South Korea. But in the past month, both withdrew, saying a foreigners-only casino may not be sustainable in the region. South Korea bans locals from gambling in all but one of its 17 licensed casinos.
