Mohegan’s Incheon IR to open non-gaming offerings by the end of 2023
Chief executive Raymond Pineault said the construction of the casino resort is running ahead of schedule.
South Korea.- Ray Pineault, chief executive and president of Mohegan, has said that construction of the company’s upcoming integrated resort in Incheon, Inspire Korea, is ahead of schedule. He said the project is 45.3 per cent complete and 4.5 per cent ahead of schedule, with non-gaming facilities to open in the latter part of 2023, followed by the casino upon licensing.
The IR is being developed in Yeongjong Island’s Free Economic Zone near Incheon International Airport. It’s expected to feature 150 gaming tables, 700 electronic gaming machines, three five-star hotels with close to 1,250 hotel rooms and a 19,000-square metre conference space.
Pineault mentioned plans for additional equity investments to expand hotel rooms, convention and meeting spaces, and food and beverage capacity. The CEO said the investments aim to ensure sufficient non-gaming amenities to capture a strong market share and support other programming for the resort, including the arena.
In January, Mohegan Tribal Gaming Authority signed a funding agreement with Hanwha Corp, one of South Korea’s largest conglomerates for the Inspire Entertainment Resort for a subordinated investment of approximately US$80m in non-registered, non-guaranteed junior convertible bonds.
The financing was to be split into two tranches of approximately US$40m, the first to be funded on December 30, 2022. The second tranche of US$40m must be funded on or before March 30, 2023. The venue aims to attract 4 million guests per year.