SOUTH KOREA. Incheon International Airport Corporation (IIAC) has signed a memorandum of understanding (MOU) with the Mohegan Tribal Gaming Authority to develop, build and operate a “first-of-its-kind gateway entertainment city” in South Korea.
The integrated resort, to be located on the grounds of Incheon International, will feature luxury retail, entertainment and hospitality, and will include a major casino operation.
The move is highly significant in light of the surging inbound Chinese traffic to South Korea, and looks likely to offer further competition for key Chinese destinations such as Macau.
The Mohegan Tribal Gaming Authority (MTGA), an instrument of the Mohegan Tribe of Indians, operates the Mohegan Sun, Mohegan Sun Pocono and Resorts Casino Hotel resorts in Connecticut, USA.
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The IIAC-Mohegan Sun alliance pledges to create a world-class entertainment destination on Incheon International land (Photo: Mohegan Tribal Gaming Authority) |
According to the terms of the MOU, the Mohegan Tribal Gaming Authority and IIAC will enter into exclusive negotiations to develop an 800-acre parcel of land owned by IIAC “into a world-class, integrated entertainment destination”.
The aim is to sign a finalised concept agreement by 30 June and a scope of work proposal by the end of the year.
The partners said: “Upon its completion, the integrated hotel-casino resort will cement Incheon Airport’s position as one of the best airports in the world and create an epicentre for Korea’s growing entertainment, tourism and hospitality industry.”
The development is expected to include, but not be limited to the following features:
• Two-tower luxury hotel complex with 1,000 guest rooms, which will be split between 300 6-star rooms and 700 5-star rooms;
• The first and only private jet terminal (FBO) in the world connected to an integrated casino resort;
• More than 18,500sq m of retail, food, art and music entertainment experiences, including a Korean village celebrating Korean food, and music, motion picture and film studio, and a Native American cultural and arts experience;
• Over 60 luxury retail brands and over 20 food & beverage concepts;
• A Korean cosmetics and beauty hub promoting Korea’s dominance in Asia in this area;
• Entertainment arena with capacity for up to 20,000 attendants for major acts and arena sport events;
• An Indoor-Outdoor amusement park with 18,500sq m of high-tech amusement rides and more than 12 outdoor attractions; and
• An 18,500sq m casino with 250 tables and 1,500 slot machines.
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“We are pleased to have reached this monumental agreement with Incheon International Airport Corporation, which is a testament to MTGA’s performance and ability to develop and operate premier, world-class assets at the highest level,” said MTGA President Bobby Soper.
“We look forward to extending the unique Mohegan Sun brand, focused on unparalleled hospitality and guest experience, to Korea and providing a new, global customer base at a one-of-a kind, must-visit destination. We have tremendous respect for IIAC and are excited to partner with Mr. Park Wan-su to build on the strengths of our two organisations and create the leading, first-of-its kind offering for travellers across the world.”
IIAC President & CEO Park Wan-su said: “This project is an important step in Incheon Airport’s continued efforts to become a global mega-hub airport, delivering passengers the highest quality service and serving as the best airport in the world in all aspects of our operations. It was critical to identify the right partner for this historic development and Mohegan Tribal Gaming Authority’s performance track record as a developer, operator and ability to attract world-class entertainers speaks for itself. We look forward to working with MTGA to finalise an agreement on the proposed project and further enhancing Incheon’s services with the support and collaboration of our 40,000 employees.”
Mohegan Sun is joined by Miura Holdings Asia, an investment vehicle focused on gaming, hotel and food & beverage activities in the USA and Asia, as part of the development team.
The conceptual agreement and development of the project is subject to certain governmental and regulatory approvals, including, but not limited to, MTGA securing a gaming licence from the Korean Ministry of Culture, Sports and Tourism.
The Mohegan Tribal Gaming Authority is a division of the Mohegan Tribe of Indians of Connecticut, a Native American Tribe with a 544-acre reservation situated in southeastern Connecticut.
The Authority has been granted the exclusive rights to conduct and regulate gaming activities on the existing reservation of the Tribe, including the operation of Mohegan Sun, a gaming and entertainment complex located on a 185-acre site. Through its subsidiary, Downs Racing, L.P., the Authority also owns and operates Mohegan Sun Pocono, a gaming and entertainment facility located on a 400-acre site in Plains Township, Pennsylvania. MTGA also manages Resorts Casino Hotel in Atlantic City.
