Korea's casino resort, which is being developed by Mohegan Gaming and Entertainment, a U.S.-based tribal casino operator, must be fully completed by 2031. It follows a report by the Korea Times, a media outlet featuring comments from Mohegan Gaming's chief executive, Mario Konmerkos.
The media reported that the plan, known as Inspire, will be developed in four stages. The final stage will be completed by 2031, the media added.
The Korea Times said the first phase of the project will include a five-star hotel with 1,256 rooms, a 15,000-seat event arena, a convention center, and a foreigner-only casino. It added that the initial phase of the Inspire cost 1.5 trillion won ($1.29 billion).
The first phase of Inspire's opening is now scheduled for 2022, an official from the Incheon International Airport Corporation (IIAC), one of the project's parties, said last week.
"We are currently under construction and are looking forward to opening in early 2022," Mr. Contomercos said in his most recent presentation, according to The Korea Times. The Mohegan Gaming executive was reportedly talking to reporters from the Korean media about the Inspire plan, which took place earlier this month.
He reportedly added: "We will be bringing Digital Street that will be a great showcase for local Korean food, retail, and tech talent and will finally have a theme park like no other in Asia."
The latter was a reference to the Paramount Pictures-branded indoor theme park, which will be developed in collaboration with global producers and distributors of filming entertainment Paramount Pictures as part of the Inspire Phase II project. According to a Korea Times report, the second phase of the project is expected to begin in 2021. The W1.3 trillion second phase of the project is expected to be completed by 2025, the report added.
