Mohegan Sun Takes Control of South Korean Project

[  Yeongjong Island, Seoul, SOUTH KOREA  ]

Mohegan Sun has bought out its KCC Corporation – its South Korean partner – to secure control of a $5 billion South Korean gaming resort that is now under construction.

The resort’s first phase is reported to cost $1.6 billion and will feature 1,350 hotel rooms and a 20,000 SF casino with 1,500 slot machines and 250 table games.   The project was named “Project Inspire” at the time of its selection by the Inchon International Airport Corp.

Mohegan Sun also has interests in Mohegan Sun Pocono, Resorts Atlantic City, Paragon Casino Resort, and Ilani Resort (Washington).   The tribe is also seeking to develop East Windsor, located on non-sovereign land in Connecticut, in association with the Mashantucket Pequots tribe.

From a November GPP 2015 post:

Casino operator Mohegan Sun is teaming up with KCC Corp. (South Korea) to build a $5 billion integrated resort complex on Yeongjong Island in South Korea.   According to local press reports, the South Korean chemicals maker has acquired a 24.5 percent stake for USD $176 million in Inspired Integrated Resort Co., Mohegan Sun’s local subsidiary.

From a June 2015 GPP post:

The Mohegan Tribal Gaming Authority, which operates the Mohegan Sun casino in the U.S. (in Connecticut) plans to partner with Mohegan Sun Pocono and Resorts Casino Hotel and Incheon International Airport Corporation to develop a hotel-casino resort as part of a “gateway entertainment city” in South Korea.

Mohegan Sun is competing with numerous other companies to land a new casino license this year.

The planned USD $5.0 billion resort (for full build-out) will include the world’s first private jet terminal that connects to a casino resort, a Korean cosmetics and beauty hub, a two-tower luxury hotel complex with 1,500 rooms, an indoor-outdoor amusement park, and an entertainment venue with seating for 20,000.