Operator News
Korea – Mohegan Sun takes full ownership of Incheon’s Project Inspire
By Phil - 10 May 2018
US tribal operator Mohegan Gaming & Entertainment, the owner of Mohegan Sun in Connecticut, has become the sole owner of a future project destined to take shape in South Korea.
It what it described as an ‘amicable’ agreement, Mohegan has bought out its partner for the $1.6bn Project Inspire set for Incheon.
Mario Kontomerkos, MGE’s Chief Executive Officer, said taking control was ‘a very important step.’
“We view our position in Korea as highly advantageous, as when we open we will be the only true integrated entertainment resort in Northern Asia, an enviable position given our proximity to Shanghai, Beijing, Seoul and Tokyo, some of the largest (metropolitan) areas in the world. aggregate they carry some of the most affluent, mobile and fastest-growing populations on the planet.”
Project Inspire will include multiple hotel towers, a 15,000-seat arena, an indoor-outdoor amusement park and a 20,000-square-foot casino with 250 gaming tables and 1,500 slot machines. Groundbreaking is expected to take place during the second half of this year, followed by an opening in 2021.
Mr. Kontomerkos pitched investment at $300m in the project. Revenues for Mohegan Entertainment have fallen 1.4 per cent during the last quarter coming in at $332m. The company’s flagship venue Mohegan Sun generated $260.4m in revenues, falling 1.8 per cent with GGR down 1.6 per cent.
