US tribal casino operator Mohegan Gaming & Entertainment says it has recommenced construction of it’s South Korean integrated resort, Inspire Korea, after completing financing late last year. Mohegan confirmed the completion of financing in November with the full US$1.55 billion in aggregate funding comprising US$575 million in equity, a KRW1.04 trillion (US$890 million) finance loan from raised through a three-bank Korean consortium – KB Securities, NH Investment & Securities and Hana Financial Investment – and KRW100 billion (US$85.5 million) from the General Contractor, Hanwha Engineering & Construction Corp.Mohegan said Hanwha Engineering & Construction Corp has “remobilized and recommenced construction work on site” including structural steelwork and below grade utility construction plus infrastructure related work such as utilities and roadways to the site. The procurement of major trades and long lead items is also in progress. Mohegan had stated upon securing final financing in November that it is hoping to open Inspire Korea within the first half of 2023. The development is slated to include three hotel towers, an arena, a foreigner-only casino, dining, retail, convention and entertainment options, a year-round indoor water dome experience, and an outdoor family park.Moreover, INSPIRE Resort entered into a strategic partnership agreement for retail development with Luxury Business Institute Korea (“Luxury Business Group”). The two companies convened a signing ceremony on Feb 8, 2022. Luxury Business Group is a consulting firm specialized in luxury and premium business industries in fashion, cosmetics, and food and beverage sectors.Sources:The two companies will attract lifestyle and luxury boutique stores and introduce a differentiated retail platform that combines tourism and shopping entertainment aimed at domestic and foreign travelers and casino customers. INSPIRE Entertainment Resort will attract luxury and premium brands and go beyond being established as a distinct destination that combines the advantages of Korea’s retail business and culture. This will not only give an economic lift to Yeongjong Island and Incheon’s economy but also differentiate INSPIRE by offering high quality, curated brands and experiences throughout the resort.
https://inspireer.com/inspire-news/inspire-entertainment-resort-and-luxury-business-group-sign-a-strategic-partnership-agreement/
https://www.asgam.com/index.php/2022/02/10/mohegan-says-construction-of-inspire-korea-back-underway/