Mohegan Expects to Open S.Korea Casino By 2023 After Finalizing Funding
- Mohegan Gaming shares more info on Inspire Entertainment Resort
- First phase to open in fourth quarter of 2023
- Financing of $1.55 billion secured by Mohegan
Mohegan Gaming and Entertainment recently announced that they are looking forward to opening a large-scale casino project in South Korea during the last quarter of 2023.
The firm recently finalized the project financing in November 2021 to develop Inspire Entertainment Resort near the Incheon International Airport. The company’s international president, Bobby Soper, dished out more details about the first phase of the project.
Phase One to Feature 5-Star Hotel Towers
Soper disclosed that the first phase of the project will conclude by the fourth quarter of 2023. In an interview, he laid out elaborate plans for Inspire that feature three 5-star hotel towers and a foreigner-only casino. The former would host approximately 1,200 rooms. As far as the exclusive casino is concerned, Soper said that the project would include a performance arena with a seating capacity of 15,000.
Inspire would also have a separate space for conventions, numerous shops, and an indoor water park. A large outdoor area referred to as the ‘Family Park’ is also a part of the phase. Additionally, Inspire would also boast of a private air terminal as a part of phase one of the project. Previous information had indicated that the private air terminal would run under a fixed-base operator arrangement.
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Mohegan had earlier confirmed the closure of the project financing at $1.55 billion for the first phase of Inspire Entertainment Resort. The finances consist of a $300 million investment from Mohegan and $275 million worth of equities through global private partners. In addition to the $575 million investment, the funds comprise an $890 million loan raised by three local banks in South Korea.
Soper further said that the COVID-19 pandemic played a significant role in delaying the finalization process. He added that the loan was one of the most challenging aspects of the funding process. However, with the challenge conquered, Mohegan is pushing forward with the construction under phase one of its South Korean casino resort.
Soper Says Plans for Phase Two in Progress
Soper further said that the American casino operator is already in planning mode for phase two of the Inspire project. He stated that Mohegan intends to make rapid advances towards the second phase post the opening of phase one. Furthermore, Soper explained that Mohegan’s plans for Inspire stretch out for the next 20 years as they possesses significant land for construction beyond the second phase of the project.