April 25, 2024

• 

[THE INVESTOR] Mohegan Gaming & Entertainment Chairman Kevin Brown said on April 23 that the US casino operator is planning to establish an integrated resort on Yeongjong Island in Incheon by 2021 to make it an entertainment hub.

“With an international airport and killer contents like hallyu, Incheon has the potential to become the Asian Las Vegas,” Brown said in a press conference.


 

Mohegan Gaming & Entertainment Chairman Kevin Brown

The company has pledged to invest US$2.6 billion to develop the Inspire Integrated Resort on the island. In the first phase, it plans to inject around US$1.4 billion. The resort is expected to span around 405,000 square meters and will include a six-star hotel, concert hall, theme parks and casinos.

The Korean government has already approved its proposal and MGE is currently discussing some changes made to its construction proposal with the Ministry of Culture, Sports and Tourism, he noted.

Brown said that MGE has cash reserves of US$900 million and is not short of funds The company also plans to receive around US$800 million from a consortium of Korean financial institutions.

MGE originally set up a joint venture to establish the resort here with Korean chemical giant KCC. However, construction of the new resort, which was originally set to start by end-2017, reportedly got delayed due to a conflict with KCC. Ultimately, the Korean firm decided to opt out and announced on April 2 that it has decided to sell its 938,578 shares in the project for 93.9 billion won (US$87.86 million).

By Song Seung-hyun (ssh@heraldcorp.com)