SK FINANCED €1.3 BILLION TO BUILD LARGEST TOURIST RESORT IN NORTHEAST ASIA


South Korea’s city of Incheon will be home to some of the most popular tourist destinations in Southeast Asia. The developers recently received € 1.32 billion to launch the project.

Inspire Integrated Resort is located in Incheon’s Free Economic Zone, where the city’s international airport is located nearby. The first phase of the project is said to include the construction of a five-star hotel, with over 1,000 rooms, as well as a casino, concert hall, shopping center and indoor water storage area.

Great tourist destination in Northeast Asia

Development for the Inspire Integrated Resort is led by a team of international companies, including the US-based Mohegan Tribal Gaming Authority, Investor UK Miura Holdings, South Korean KCC and Incheon International Airport Corporation.

A project agreement was formed in June 2015, and Mohegan began a partnership with Incheon International Airport Corporation. At the time, Mohegan he said that the casino hotel “will confirm Incheon Airport as one of the best airport in the world” and “have made it the first Korean-based entertainment, tourism and hospitality company”. Incheon Airport agreed with the statement, saying that the airport would be “the best resting place in Asia.

In a recent statement, Mohegan Chairman James Gessner Jr. “We have a proven track record in creating and utilizing the most exciting interactive facilities in North America and our success in Connecticut, Las Vegas and Niagara Falls,” he said. He went on to say that “we hope to take this to another country as the first American IR established in Korea”.

Funds are available at Inspire Integrated Resort

Inspire says he has the money to complete the construction of the tourist accommodation. The investment includes approximately € 504 million ($ 575 million) in finance, with Mohegan’s € 263 million ($ 300 million) investment in approx. € 241 million ($ 275 million) raised by private equity firm Bain Capital and MBK Partners.

In addition, about € 780 million (1.04 trillion Korean winners) was raised by the South Korean Consortium formed by KB Securities, NH Investment & Securities and Hana Financial Investment.

Hanwha Engineering & Construction Corp. has been appointed General Contractor for this construction project. According to reports, the council has provided less than € 75 million (100 billion Korean winners).

In a statement, Mohegan International President Bobby Soper said: “We look forward to a major change in tourism and entertainment following the epidemic, and we look forward to helping Korea’s economy as we immediately open and function effectively, – the gymnasium.” He went on to say: “I am pleased to see our global vision for IR development reaching this critical peak”.

Inspire Integrated Tourism Resort Exhibition in Incheon, South Korea. (Photo: Mohegan Tribal Gaming Authority)

Three guest houses in Incheon Free Economic Zone

Incheon International Airport Corporation wants to complete three tourist attractions in the Free Economic Zone. Inspire Integrated Resort will follow Paradise City, which officials describe as “the world’s first unifying ground in Northeast Asia”, and opened in April 2017.

The third venue is RFKR Resort, a casino that specializes in an outdoor casino. Development has been halted by market turmoil in the past two years, however the last day of March 2024 was announced for the project to take place.

Mohegan Adds Portfolio

Inspire Integrated Resort joins Mohegan Gaming & Entertainment’s business listing. The company is located in Connecticut, US, the home of Mohegan Sun, a casino and a guest house with a courtyard of 10,000 people. Mohegan also established Fallsview Casino Resort in Niagara, Canada, one of the largest gaming establishments in the country.


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