s reported by South Korea’s Yonhap news agency, Inspire Integrated Resort is developing the scheme on a 2.6-square-kilometers (1.0-sq-mile) site on Yeongjong Island.The lease on the land is said to be valid for 50 years.
The consortium led by Mohegan Sun has been awarded a casino license by the South Korean government, as part of an integrated resort license bidding process initiated in 2015. The winning consortium includes two other partners: South Korean chemicals manufacturer KCC Corp; and Incheon International Airport Corp, the operator of the airport.
“With the agreement, we have acquired the space to build the integrated resort,” commented Kang Yeon-sop, head of Inspire Integrated Resort, during a signing ceremony, as quoted by Yonhap. “We aim to present Northeast Asia’s largest resort, expecting about 10 million tourists annually,” he added.
According to Mohegan Sun, the first phase of the Inspire Integrated Resort project has an estimated budget of US$1.6 billion, with a total commitment of US$5 billion over multiple phases.
The scheme will include a casino with 250 gaming tables and 1,500 slot machines; a three-tower luxury hotel complex with 1,350 rooms; a 15,000-seat arena; a Paramount Studios theme park; and an ecology-themed adventure park.
The license allows the consortium to set up a foreigners-only casino. The scheme is scheduled to begin operations by 2020.
Bobby Soper, president of Mohegan Sun, told GGRasia in February that the new property is slated to break ground in 2017.