US regional casino operator Mohegan Gaming and Entertainment has officially confirmed its plans to start building a casino resort in South Korea by the end of this year.
Incheon, an ultramodern city bordering the capital of Seoul, will serve as the base of the company’s first abroad adventure. According to the firm, the initial investment will be of $1.6bn plus an additional $4bn commitment fund spread over 20 years. The operator will join forces with local partners, such as chemicals manufacturer KCC Corp and Incheon International Airport Corp. Mohegan Sun aims to finish the casino resort by 2020.
Mohegan Gaming and Entertainment currently only operates in the United States, owning large-scale casinos in the states of Connecticut, Washington, Louisiana and New Jersey. This Southeast Asian expansion follows the firm’s re-branding. It was known as Mohegan Tribal Gaming Authority until last month.
“The name change better represents Mohegan Gaming and Entertainment’s growing domestic and international portfolio of integrated resorts, and further aligns its all-encompassing brand image as an entertainment destination with future expansion plans,” read an official note.
Further, Mohegan CEO Mitchell Etsess said on the company’s new horizon: “The company is well into the planning stage of its [South] Korean joint venture, project Inspire, where we anticipate breaking ground before the end of calendar 2017.”