Two contenders have already pulled out
Mohegan Sun President Bobby Soper has confirmed in an email to GGRAsia that the U.S. tribal gaming operator, based in Connecticut, will submit a request for proposal to develop a casino in South Korea. The deadline for submissions under the RFP process is November 27.
South Korea’s Ministry of Culture, Sports and Tourism will oversee the bidding, and award two new licenses for integrated resorts that are open to foreigners only. Each bidder must be prepared to invest at least US$850 million.
Mohegan Sun’s local partner in the venture—its first development outside the United States—is South Korea’s Incheon International Airport Corp. The firm has pledged to exceed the minimum investment; its resort, named “Inspire,” would cost US$1.6 billion in the first phase alone, and US$5 billion over 20 years, Soper told GGRAsia.
Though the bidding is expected to be brisk, two would-be applicants have already withdrawn. Grand Korea Leisure Co Ltd. pulled out due to what it called an “unfavorable business environment.” Hong Kong-listed NagaCorp also withdrew, saying it did not think a foreigners-only casino would not be sustainable.
