The U.S. federal-recognized Mohigan Tribe company used an official press release Monday to elaborate that the significant achievement means it could open the early stages of three tower facilities in South Korea by the end of 2023.
Previous adversity:
Mohegan Gaming and Entertainment began work on the upcoming Inspire Entertainment Resort in 2016 and initially planned to open the first phase of the huge venue by mid-next year, but the schedule was thwarted by the impact of the coronavirus pandemic and the complexity associated with securing appropriate funding sources.
Sponsor Pletora:
Still, the casino company explained that its current subsidiary of Inspire Integrated Resorts Ltd has secured about $275 million in funding through private equity firms MBK Partners and Bain Capital and about $890 million in areas including NH Investment and securities, KB Securities and Hana Financial Investments. The Connecticut-based company also noted that it is investing in a general cash project worth about $850 million.
Important plans:
Built on 1,079 acres of land on Yeongjongdo Island near the port city of Incheon, the five-star Inspire Entertainment Resort is expected to eventually have a 215,200-square-foot foreign-only casino that offers up to 1,500 slots with about 250 game tables. It's all said to be complemented by a 15,000-seat stadium, 678,000 square feet of retail, and 204,000 square feet of convention center.
Respected reputation:
James Gessner serves as chairman of the Mohegan Tribe and uses a press release to declare Mohegan Gamesering and Entertainment has a 'proven track record' in building and operating integrated casino resorts across North America. Furthermore, he declared that he hoped to 'success overseas' by introducing the operator's first assets outside the United States and Canada.
Operator optimism:
His role and international president of Mohegan Gaming and Entertainment, Bobby Soper, declared his company's Inspire Entertainment Resort would be "the largest integrated casino resort in Northeast Asia once completed" and could take advantage of a "significant rebound in the tourism and leisure industry" if the scope of international travel restrictions institutionalized in response to the ongoing coronavirus pandemic is lifted.
Read Soper's statement...
"We look forward to opening and operating a successful and cutting-edge resort while also contributing to the Korean economy. We are excited to see our international vision for the development of integrated casino resorts reach this important milestone."