Mohegan Gaming and Entertainment (MGE) has announced the successful closing of financing to develop the Inspire Entertainment Resort of Yeongjong Island in Incheon, South Korea.

The aggregate funding of $1.55bn is planned to be used in Phase One of the development of the Integrated Resort, which will open its doors in 2023.

James Gessner Jr, Chairman of The Mohegan Tribe and MGE Management Board, commented: “We have a proven track record in developing and operating leading integrated entertainment resorts in North America with our successes in Connecticut, Las Vegas and Niagara Falls, and we look forward to taking this success abroad as the first American IR launched in Korea.”

Inspire Integrated Resort, which is entirely owned by MGE’s Korean subsidiary, currently has all the necessary funding for the completion of the project’s construction.

The funding includes a total of $575m in equity (combining MGE’s $300m investment and the $275m raised through global private equity firms) and KRW1.04tn ($890m) raised through a three-bank Korean consortium.

Phase One includes three five-star hotel towers, a multifunctional professional performance arena with seating for 15,000 guests, a casino for foreigners only, a convention facility in the Seoul metropolitan area, a year-round water dome experience and a large outdoor thematic space, known as the “Family Park."

Bobby Soper, International President for MGE, added: “We anticipate a significant rebound in the tourism and leisure industry following the pandemic, and we look forward to contributing to the Korean economy while at the same time opening and operating a successful, state-of-the-art resort.

"I'm thrilled to see our international vision for IR development reach this important milestone.”