Mohegan Sun to start South Korean project
American casino operating company, Mohegan Sun will start its development in South Korea.
South Korea.- American casino company Mohegan Sun announced the beginning of its South Korean project. In the upcoming months, the consortium led by Mohegan Tribal Gaming Authority and KCC Corp will start breaking the ground. The first part of the process will be finished by the end of the year.
“Looking internationally, the company is well into the planning stage of its Korean joint venture, Project Inspire, where we anticipate breaking ground before the end of calendar 2017,” stated representatives of Mohegan Sun to AGBrief earlier this month.
The American tribal casino operators will invest US$1.2 billion in the South Korean gaming project. The venue will feature an integrated resort, including a foreigner-only casino, a luxury hotel and shopping areas, a K-pop entertainment arena and an amusement park on an island in Incheon, west of Seoul, said the Tourism Ministry. Furthermore, the ministry expressed that the latest project aims to capitalise on Macau’s weakness, which has been hit by tighter regulations, a crackdown on corruption and a weakening mainland economy.
South Korea’s government seeks to bring in foreign investment and tourists, creating a business environment to attract more than 25 trillion won in investment to build the tourism industry and corporate competitiveness.
The government also plans to increase the number of casinos in the nation from the existing 17 facilities to over 20 by early 2020. Most of these casinos are smaller than those in Macau and Las Vegas, the world’s biggest casino hubs.
