Mohegan looks to resume work on Korean casino project

Mohegan expects to have the funds in place to resume work within 3 months.
Mohegan expects to have the funds in place to resume work within 3 months.

The US developer and operator says it is confident it will have the funds to resume construction at Inspire Korea within three months

South Korea.- Mohegan Gaming & Entertainment has expressed confidence that it will secure the final funding it needs for the completion of Inspire Korea within the next three months.

Construction of the South Korean integrated resort project was originally due to be completed sometime next year but work has been held up by the Covid-19 pandemic.

The company has restructured the phased construction plan and pushed the launch date back to 2023.

Mohegan’s vice president of corporate finance, Chris Jones, said: “Korea is in a very heightened sense of Covid restrictions. Even though they have a lower number of cases in that market they are very wary about it, so as a result we’ve seen things slow down.”

Jones revealed that US$200m of investment that was to be used in Phase 2 has been moved to Phase 1 in order to expedite development work as a result of the delays.

Caesars’ Midan City, the other major South Korean IR project being developed by a US gaming giant, is reported to be more than eight months behind schedule.

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