$5 billion plan to build an integrated casino resort in South Korea.
According to a report by GGRASIA, the Mohigan Tribal Game Agency is working with Incheon International Airport Corp. and South Korean chemical maker KCC, hoping to build an integrated Inspire resort just a few miles from Incheon, South Korea's third-largest city on Yeongjong Island.
The Mohigan Tribal Game Agency, the owner of the giant Mohigan Sun Casino in Connecticut, along with Pennsylvania's Mohigan Sun Pocono, reportedly made the announcement in a recent conference call to discuss first-quarter financial results, further declaring that the first phase of the project is expected to open in 2020.
"In April, we executed an important contract between Inspire [integrated resort] and Incheon International Airport Corp. regarding the necessary surrounding infrastructure, and capital expenditure will ultimately be financed by Incheon International Airport Corp., the project's landlord," Mitchell Ettes reportedly told investors in a conference call. "Construction on them is expected to begin later this year or early next year."
Outside North America, the first venture of the Mohigan Tribal Game Agency, Inspire Integrated Resort, will have a 20,000-square-foot foreigner-only casino with 1,500 slots and 250 game tables, along with three hotel towers offering about 1,350 rooms. The development also includes a 15,000-seat arena and theme park, as well as convention spaces, shops and restaurants, and the U.S. company reportedly expects to account for 3% of its total revenue, with fees for about $40 million in construction and annual management payments of about $30 million for the 24-year partnership.
"Last week we received the first installment payment of a total of $10 million under this contract," Ettes said in a conference call. "We continue to aim for the full project opening in 2020." 바카라
Mario Kontomercos, chief financial officer of the Mohegan Tribal Games Authority, reportedly told investors that he had reached a turning point in developing the final design of the Inspire Integrated Resort with a "significantly advanced" plan.
"We're also able to do much better now," Contomerkos said in a conference call. "From a project financing perspective, I think we're actually starting the process now.