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Type: Posts; User: valerie

  1. Posts
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    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.
    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.
    Sources:
    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/

  2. Thread: MGM Osaka

    Post by: valerie
    Posts
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    15,144
    On December 21 of the last year "Area Development Plan" for an integrated resort facility was announced. It is planned to launch the project in autumn-winter period of 2029.
    The designated area takes about 770,000 square meters. In addition to the casino, facilities such as an international conference hall and exhibition hall, three hotels with the largest number of guest rooms in the city and a theater with a capacity of 3,500 people are being scheduled and planned for construction. More than 20% of all guest rooms of the hotel will be sold as suites.
    Around the planned site, soil contamination by arsenic and fluorine has been confirmed and it was determined through excavation investigations that there are layers of soil that may be exposed to the risk of liquefying. The city will have to invest 79 billion yen as expenses for the measures such as disposal of contaminated soil. There will be no public expenses, however. According to the development plan it is estimated that the amount of visitors per year will be 20 million people. The economical result of the Kinki region is estimated to be around 1.14 trillion yen per year. Its expected that Osaka Prefecture will be earning 106 billion yen every year from admission fees etc.
    Osaka Prefecture and the city have been putting their focus in cooperation with locally familiar companies such as Kansai Electric Power, Panasonic, Suntory, NTT West, and Kintetsu etc. Around 20 companies will contribute investments for Osaka Integrated resort, a consortium of MGM and Orix Union.
    The prefecture and city have agreed on the area development plan and are planning to apply for governmental accreditation around April. It is expected that a maximum of three locations will be selected under the liberalisation programme, but currently, only three regions, Osaka, Wakayama Prefecture, and Nagasaki Prefecture, are preparing for application. The city of Yokohama has withdrawn and the Tokyo Metropolitan Government has suspended the reviewing process. According to the draft plan, business licence will be valid for 35 years with the possibility of being extended for a further 30 years.
    Osaka has long been viewed as the front-runner to land one of Japan’s three IR licenses. The central government is currently fielding casino proposals from interested prefectures/cities and their preferred gaming consortiums. The bidding period is to conclude on April 28.
    Sources:
    https://biz-journal.jp/2022/01/post_276527.html
    https://diamond.jp/articles/-/295555
    https://www.ggrasia.com/osaka-city-council-votes-against-casino-referendum/
    https://www.casino.org/news/osaka-council-votes-against-ir-referendum-bettering-mgm-odds/

  3. Posts
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    Construction of a new 6000 room hotel and resort complex amounting to 1,7 billion rubles will begin in 2022. Project includes gambling zones. Agreement for the construction was finalized during the Eastern economic forum in Vladivostok in autumn of last year. This complex will allow to create 190 new job openings.
    It is presumed that during 10 years of operation of the complex, governmental and municipal tax revenue will reach around 150 million rubles.
    The design of the hotel and entertainment complex is currently being finalized. Alexander Kim, general director of “Asia-Invest Group” Ltd., informed that in July 2022, as soon as construction permission will be issued and all final project documentation will be prepared, construction and installation works will be started. It is planned to finish construction in 1,5 years. For the next year it is planned to start the construction of another 5-storey hotel with 60 rooms that will be commissioned in the second quarter of 2025. It is expected that this hotel and resort complex will be able to service 25% of the total number of guests of the entire entertainment cluster.
    According to the Russian Far East and Arctic Development Corporation total amount of investments in accordance with concluded agreements for the gambling entertainment area "Primorye" has reached 75.3 billion rubles. 7 hotel complexes with casinos are at the start-up phase. Private investors from Hong Kong, Cambodia, Russia, the Republic of Korea and Japan are carrying out construction and design works.
    Sources:
    https://www.dv.kp.ru/online/news/4629470/
    https://tourism.interfax.ru/ru/news/articles/85253/
    https://prim.news/2022/02/15/v-igornoj-zone-primorya-nachnyotsya-eshhyo-odna-bolshaya-str

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