“Excited” was the word used by the Mohegan Tribal Gaming Authority, operator of Connecticut’s Mohegan Sun, to describe its new partnership with South Korean chemicals manufacturer KCC Corp in its bid for one of the two remaining licenses to develop and operate an integrated casino and resort on Yeongjong Island in South Korea.
A 24.5 percent stake in Inspire Integrated Resort Co Ltd, a South Korean subsidy of Mohegan Sun, has been acquired by South Korean chemicals manufacturer KKC Corp for US$176 million, according to an announcement of Friday. The company has plans to develop an amusement park and casino resort near South Korea’s Incheon International Airport. In previous filings Mohegan Sun has said Inspire Integrated Resort was created for the perusal of potential gaming opportunities in South Korea.
Headquartered in Seoul, South Korea, KCC Corp is a chemical and auto parts manufacturer that provides products for the electronics, construction, consumer and industrial appliance, automotive, and consumer goods industries in South Korea and internationally.
Bobby Soper, president of Mohegan Sun said, “Not only do they [KCC Corp] have a strong appreciation of doing business in Korea and complement the project with their expertise as a top-notch supplier and contractor, but we [the two parties] are aligned in our values, as we both believe in the great importance of operating with transparency, integrity and commitment to the community,” according to GGRAsia.
Two weeks ago Mohegan Sun confirmed its plan to submit a proposal for an integrated resort in South Korea’s Incheon Free Economic Zone. The plans include a foreigners-only casino. The proposal process in being held by South Korea’s Ministry of Culture, Sports and Tourism and the deadline for submissions is Friday, November 27.
Included in Mohegan Sun’s multi-phase development project is a 215,278-square feet casino, a 1,000-room two-tower luxury hotel complex, a private air terminal, a 20,000-seat arena, restaurants, shops, art exhibitions, and music entertainment areas. According to the Mohegan Sun, US$1.6 billion is the estimated total cost of the first phase, with a commitment total of US$5 billion.
Connecticut’s Mohegan Sun was one of 34 requests the ministry received from February 27 to June 30 vying for the two permits. Other requests for concept came from Galaxy Entertainment Group, Genting Group and Las Vegas Sands among others.To date, two projects have been approved for the Incheon Free Economic Zone, the Lippo Ltd and Caesars Entertainment collaboration, which has yet to break ground, and already under construction is the Paradise City joint venture.