Mohigan Tribal Gaming Authority before the name change in 2017, signed a “friendly” deal to acquire a 24.5% stake in the upcoming $1.6 billion project held by local chemical firm KCC Corp last quarter, The Day newspaper reported on Monday.
The huge development, named Project Inspire, will reportedly be located near Incheon International Airport and will feature several hotel towers along with an amusement park and a 15,000-seat stadium. The newspaper elaborated that the project would be completed through a 20,000-square-foot foreigner-only casino that offers about 1,500 slots and 250 game tables.
The Day quoted recently appointed Mohegan Gaming and Entertainment CEO Mario Konomerkos as saying his company hopes to break ground on Project Inspire during the second half of the year before opening the venue in 2021. He also noted that the operator plans to invest more than $300 million in its own funds in the project and the rest will come from private finance initiatives.
Konomerkos has reportedly declared Project Inspire to be ‘very advantageous’ to the company as it will be ‘North Asia’s only truly integrated entertainment resort’ and will be located close to the megacities of Tokyo, Seoul, Beijing and Shanghai.
“Overall, they have some of the richest, most mobile, and fastest growing populations on the planet,” Konomerkos was quoted as reading a statement.
The Day also reported that Mohegan Gaming and Entertainment, which is already responsible for Mohegan Sun venues in Connecticut and Mohegan Sun Pocono properties near Wilkes-Barre, Pennsylvania, saw its net profit fall 1.8% year-on-year to $26.4 million in January 2018.