The operator of the U.S. Mohegan Sun casino announced that it has partnered with South Korea’s largest airport in a proposal to build a $5 billion casino resort complete with a casino housing 250 tables and 1,500 slot machines.
The Mohegan Tribal Gaming Authority and Incheon International Airport said their proposed resort would be developed on the grounds of the gateway airport to Seoul and would be connected to a private jet terminal at the airport.
Mohegan Sun would spend about $1.6 billion on the first stage of the resort by 2020. The resort, due to be completed in 2040, would include a foreigners-only casino with 250 gaming tables, a 1,000-room hotel, an arena for up to 20,000 people and an amusement park, the companies said. Both parties say they hope to sign a final conceptual agreement by the end of June.
The casino will be trying to win the favor of the South Korea government who has said it will decide on about two new gaming licenses by the end of this year. Hong Kong’s Chow Tai Fook Enterprises Ltd is also in the running for a license with a proposed $2.6 billion resort near Incheon airport, along with the Philippines’ Bloomberry Resorts Corp which has plans to invest $1 billion in a casino complex.
South Korea has become one of Asia’s fastest growing casino markets that is attracting interest due to a 42 percent jump in the number of Chinese tourists to a record 6 million last year.