Mohegan Gaming & Entertainment is set to bring forward $200m originally planned for phase two of Inspire Korea to kick-start development of the integrated resort (IR).
The Incheon Free Economic Zone Authority has received confirmation from MGE that it will bring forward the $200m investment in order to accelerate development work on Inspire Korea following delays due to COVID-19 (via Inside Asian Gaming).
The upcoming injection of funds from developers MGE will help Inspire Korea to “break through the COVID-19 crisis earlier” by getting construction back on schedule.
The $1.4 billion first phase of Inspire Korea, located near Incheon International Airport, will cover 1.6 million square metres and includes a 15,000-seat arena.
$1.4bn investment for first phase of Inspire Korea
In addition, the first phase includes 1,250 hotel rooms, an indoor dome with a pool and rides, dining and retail, and a conference and convention space.
“I am grateful for Inspire IR making such a bold decision,” said Incheon Free Economic Zone (IFEZ) commissioner, Lee Won Jae.
“It is a great gift to IFEZ Entertainment World, especially in such a time that the entire tourism industry is suffering from the COVID-19 crisis. I have no doubt it will create a new vibe for other projects such as Paradise City and Caesars Korea.
Inspire Korea is scheduled to launch in 2022
“We, IFEZ, have been supporting Inspire IR and will continuously support its regulatory needs and with anything we can help. As commissioner, I promise to do my best to make IFEZ Entertainment World become the most popular tourist destination in Northeast Asia.”
Inspire Korea will also include the Paramount Korea theme park, where storytelling will feature alongside 40 branded attractions and integrated retail, dining and entertainment.
Inspire Korea is due to open in 2022. Paramount Korea is expected to open in 2025.
