The company began building a $1.6 billion casino resort in 2016 with plans to open development of three towers by mid-year, according to a report by Inside Asian Gaming, but sources detailed the schedule was later canceled due to the coronavirus pandemic and the complexity associated with securing appropriate funding sources.
Mohigan Gaming & Entertainment, a U.S. federal-recognized Mohigan Tribe company, already operates 10 domestic resorts, including a giant Mohigan ship facility in eastern Connecticut and a 942-room resort casino hotel in Atlantic City. Recently, it received official permission from the Greek government to expand the Athens project internationally, and the operator has three gambling licenses in Japan.
According to reports, an extension of the deadline from South Korea’s Ministry of Culture, Sports and Tourism means Mohigan Gaming Entertainment will now have to complete work on the Inspire Entertainment Resort, which is being materialized on a 1,079-acre site on Yeongjong Island near the Incheon port city, by mid-2023. Upon completion, the 1,300-room development is expected to provide a 15,000-seat stadium, a 24-acre game park, and more than 21500 foreign casino options.
Andrew Billany of Mohegan Gaming and Entertainment reportedly plans to use its own cash to realize the development of the Enspire Entertainment Resort and expects to borrow an additional $900 million from “blue chip” investors in more regions. The management explained that the entire bill includes $200 million in infrastructure improvements along with loans from Incheon International Airport Corp. to similar companies adjacent to it.
“I am thrilled to hear from the government that we have been waiting for the approval of the business plan change. We plan to normalize the construction of the resort soon and make all-out efforts to secure financial resources.”
The extension of Mohegan Gaming and Entertainment comes just two weeks after Chinese developer Guangzhou R&F Properties Company Limited was granted an additional year to complete work on its Midan City Resort complex. The $800 million development was originally scheduled to open at the other end of Yeongjongdo last month, but was plagued by similar coronavirus-related delays with the departure of former operations partner Caesars Entertainment in February.