Connecticut tribal casino operator Mohegan Gaming & Entertainment is poised to begin construction of the first $1.6-billion phase of its proposed integrated resort in Incheon, South Korea, around 16 miles from the capital, Seoul.
Incheon was South Korea’s first free economic zone and is set to become a gambling hub in the mold of the Philippines’ Entertainment City, which itself has attempted to emulate the success of Macau.
Along with the Mohegan project, Paradise City a joint venture between South Korea’s first homegrown private casino operate Paradise Entertainment and Japanese pachinko and arcade giant Sega Sammy launched its second phase last September, while Caesars Entertainment is also planning a $700 million resort in the area, to be completed in 2021.
The company said at its Q4 2018 earnings call that it had contributed its $300 million share of the financing for the project. The rest includes $900 million from Korean investment firms, $200 million in loans, and a further $200 million contributed by Incheon International towards infrastructure improvements.
