The Connecticut-based Mohegan Tribal Gaming Authority along with the Korean chemical company KCC Corp. have together landed the license to develop a $5 billion casino at the Seoul-Incheon International Airport in South Korea.
In a press release reacting to the South Korean government's decision to green light the development, Bobby Soper, the president of the MTGA, said the project will provide a boost for not only tourism but also the economy.
"We are pleased with the Korean Government's decision to award us the opportunity to help fulfill their vision of driving economic development by growing tourism, creating jobs, and showcasing Korean culture via the integrated resort," Soper said.
The project, to be developed at the "world's cleanest airport," is slated to include a three-tower luxury hotel with 1,350 rooms, high-end retail, dining, and entertainment, including several attractions. Among them are a Paramount Studios indoor-outdoor amusement park, and an Eco Adventure Park featuring indoor rock climbing, zip lining, an indoor rainforest, and an archaeology experience.
And, of course, there will be gambling with the facility slated to have 250 table games and 1,500 slot machines.
"KCC is thrilled that its partnership with the Mohegan Tribal Gaming Authority has been awarded the opportunity to develop this exciting and transformative integrated resort which will be instrumental in bringing new generations of tourists to Incheon," said KCC Chairman Chung Mong-Jin in a statement.
The airport, which also stands to benefit from the estimated $5 billion project, is anticipating it will drive further development in the years to come.
"We deeply appreciate the careful review that the Korean Government has conducted on this bold new initiative for tourism in Korea," Mr. Chung Il-young, CEO of the Incheon International Airport Corporation, said in a press release. "It's selection of the Inspire project at IBC-II is wonderful news for the Incheon region and will serve as a catalyst for growth in the airport development zone for years to come."
According to Mohegan, Phase 1 of the project is expected to cost around $1.6 billion with an overall $5 billion being spent over the course of construction. The partnership, which is called Inspire Integrated Resort, says it is aiming to break ground in 2017 with a grand opening being held in 2020.
Mohegan Sun's flagship casino is in Uncasville, Connecticut with another casino located at Pocono Downs Racetrack in Plains Township, Pennsylvania. The tribe previously lost comeptitions to develop casinos in Massachusetts and New York.
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