Mohegan joins Hanwha for Korea IR
The South Korean company will be the new partner for the development of the resort which is planned to be open in 2022
South Korea.- Mohegan Gaming and Entertainment said it has joined with Hanwha Corp to build its IR near Incheon. The South Korean company will be the new partner for the development of the resort which is planned to be open in 2022. It will also provide the project with important local operational expertise and credit enhancement.
“In connection with Inspire, we are pleased to announce our partnership with Hanwha Corporation, one of the country’s largest conglomerates, who will serve as our primary general contractor and will also provide the project with important local operational expertise and credit enhancement,” Mohegan revealed.
After some problems that slowed the project, the company released last Thursday itrs quarterly earnings and confirmed that Inspire Korea is “under construction and remains on track for a 2022 opening
“MGE had a remarkable fiscal fourth quarter given the inclusion of two new competitors in our primary northeast market in the last 15 months, and we are off to a good start thus far in the first quarter of fiscal 2020 as well,” President and CEO Mario Kontomerkos said.
The resort will be the largest in the country when completed. It will have four phases with all stages to be completed by 2031. The first phase will include the hotel, with 1,256 rooms, the 15,000-seat arena, convention halls and a foreigner-only casino. This phase will cost $1.29 billion.
The second stage will start in 2021, and includes the Paramount Pictures indoor theme park scheduled to open by 2025. The outdoor theme park is expected to start in 2024.
