After the soft opening of the 1st phase of the complex on November 30, the grand opening of Mohegan INSPIRE Entertainment Resort was held on March 5th, marking the realization of the 1st phase of a total of 4 phases of the integrated resort (IR) project located in South Korea.
Ambitions:
Among those participating in the opening ceremony held at a resort on Yeongjong Island close to Incheon International Airport, west from the South Korean capital, were dignitaries from the US and Korea, as well as Mohegan, the gaming and entertainment brand run by the Mohegan tribe. As for guests, there were close to 500 domestic and international dignitaries, involving American Chamber of Commerce in Korea President James Kim, members of the Mohegan Council of Elders, Incheon International Airport Corp. President and CEO Lee Hag-jae and Incheon Mayor Yoo Jeong-bok.
IR’s development first officially started in 2016, with INSPIRE described as “‘set to become the largest integrated entertainment resort in Northeast Asia.” Additionally, officials have spoken of their ambitions to turn Yeongjong Island into a globally-renowned tourist destination by 2046 at the latest, meaning they want to compete with Macau or Singapore.
Relatedly, the entertainment integrated resort consists of business facilities, a multi-purpose performance venue, restaurants, five-star hotel towers and a casino, occupying the space equal to 64 football fields. In this regard, Mohegan Tribal Chairman James Gessner Jr noted during his congratulatory oration: “This endeavor has been a journey of shared visions and aspirations between the Mohegan tribe and the Republic of Korea. Mohegan’s investment has already created nearly 3,000 jobs, and promises to create many more as we grow.”
A significant step in U.S.-Korea investment relations:
INSPIRE, managed by Mohegan Gaming and Entertainment, represents the 8th facility built by the firm, as well as its 1st project on the Asian continent. In addition, Philip Goldberg, the U.S. Ambassador to Korea, noted that the grand opening of the resort is “another key moment” in the partnership between Washington and Seoul.
The ambassador pointed out the importance of the investment, saying that it is “another major milestone in the U.S.-Korea investment relationship.” He also stressed that the group’s KRW2 trillion, which is $1.6bln, resort financing is one of Korea’s biggest foreign direct investment endeavors.
Moreover, the said grand opening also marked the debut of Korea’s biggest foreigner-only casino location, as reported by Asia Gaming Brief.
During January, Mohegan INSPIRE received a license from the Ministry of Culture, Sports and Tourism to manage a foreigner-only casino, the first of its type granted to a non-native investor since 2005. In this sense, Yu In-chon, Minister of Culture, praised the opening of IR as an important landmark in the tourism and culture industry of Korea, encouraging the IR to attract tourists and advocate for Korean culture globally.
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