South Korean IR projects face delays
Caesars Entertainment and Mohegan Gaming & Entertainment both have projects in the country.
South Korea.- American operators involved in the development of integrated resorts (IR) in South Korea have reported delays due to the Covid-19 pandemic.
Reports say Caesars Entertainment and Mohegan Gaming & Entertainment have been experiencing problems obtaining the necessary funding to complete projects.
South Korean news outlets cited information from the Incheon Free Economic Zone Authority saying that Caesars Korea and Mohegan’s Inspire have had “disagreements” with investors and with local developers, who are demanding outstanding debts be fully paid and further funding secured before construction continues.
Caesars’ Midan City project is reported to be more than eight months behind schedule, with work paralysed since February.
The Mohegan Inspire project is said to be considering an additional investment of equity capital to find the necessary funds to pay developers.
The US$1.6 billion phase I of the project is due to be launched in 2022, with 150 gaming tables, 700 EGMs, a 15,000-seat arena, dining and retail, a 19,000-square meter conference and convention space, and 1,250 hotel rooms near Incheon Airport.
