Mohegan raises US$1.55bn for Incheon IR project
Mohegan Gaming & Entertainment has announced the successful closing of financing for its Incheon integrated resort, Inspire Korea.
South Korea.- Mohegan Gaming & Entertainment (MGE) has announced that it has raised US$1.55bn to continue developing its Incheon IR project. The company said the aggregate funding will be used in Phase I of the project, which is set to be launched in the first half of 2023.
In April, the company applied for and obtained a six-month delay to the agreed June 2022 opening date.
James Gessner Jr., Chairman of The Mohegan Tribe and MGE Management Board, stated: “We have a proven track record in developing and operating leading integrated entertainment resorts. We look forward to taking this success abroad as the first American IR launched in Korea.”
Inspire Korea Casino Resort is expected to include 150 gaming tables, 700 electronic gaming machines, close to 1,250 hotel rooms, a 15,000-seat arena and a 19,000-square metre conference space. The Phase I resort development includes three five-star hotel towers, a 15,000-seat multifunctional professional performance arena and a foreigners-only casino.
It will also include a world-class retail offering, a year-round indoor water dome experience and a large outdoor space, known as the Family Park.
Bobby Soper, international president for MGE, said: “We anticipate a significant rebound in the tourism and leisure industry following the pandemic, and we look forward to contributing to the Korean economy while at the same time opening and operating a successful, state-of-the-art resort.”
