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Investor found for South Korean casino resort

The gambling industry never stands still. This statement does not only apply to the online area, where new online casinos are constantly appearing. There are always changes in the land-based sector, too, with either new casinos being created or existing ones being closed. A luxurious casino resort is also to be built in Korea, for which investors have now been found.

Im Ausschnitt einer Landkarte ist Asien mit Korea zu sehen.

Mohegan wants to build a casino resort in South Korea and has canceled the project for this near Athens and for Nagasaki.(©MichaelGaida/Pixabay)

275 million euros come from the private investor

The casino resort Mohegan plans to build in South Korea estimated to cost$1.5 billion. Even Mohegan cannot raise such a large sum all by himself. For this reason, the gaming group was looking for some financing options and found it:

ThePrivate equity firms Bain Capital and MBK Partners invest 275 million US Dollar. Korean banks are providing $890 million and Mohegan can raise $575 million himself. Furthermore, the gaming provider has already been able to win a hotel operator as a partner: Hanwha Hotel and Resort Co. From the current perspective, nothing stands in the way of the construction of the planned casino resort.

In order to fully tackle this project,Mohegan has withdrawn from other projects. The company is no longer interested in building a casino resort in Nagasaki. In addition, the gaming group had plans to build a casino resort in Greece. At least that's what he applied for and got the job. It is all the more astonishing that the group is giving up this plan again.

Casino Resort to Bring Incheon City to Life

Corona Pandemic hit most countries severely. In all countries, not only certain sectors were affected, but also the entire country. This applies in particular to "holiday countries", whichdue to the travel restrictions had to accept significant sales losses. South Korea was also affected. Mohegan is certain that the newly built casino resort will give the country a new lease of life.

However, such a resort cannot be built within a few months. Mohegan expects theresort to open in 2023. But then it should be a magnet for gambling fans and luxury vacationers. This is intended to boost tourism in Incheon. All of South Korea would benefit from this. At least there is an airport in Incheon, which is why the location for the INSPIRE Entertainment Resort seems almost perfect.

Mogehan has also set himself a very ambitious goal: TheCasino Resort is to be the largest of its kind in Northeast Asia. For this reason, three 5-star hotel towers and a performance area with 15,000 seats are being built. There is also a spacious swimming area and a leisure facility for families. As you can see, it is intended to be a resort for everyone - with one exception: the integratedcasino is only available to foreign guests. In order to implement all this, construction planning has already begun.

Reasons for Mohegan's withdrawal from Greece

The reason for the withdrawal from Greece was primarily the project in South Korea. Why South Korea is more important and Greece is given up for it has not been publicly explained in more detail. Maybe it's because in South Korea, in addition to the hotel, a verylarge convention center is to be built. This covers almost 20 hectares. The all new casino resort in Greece would also have been very interesting.

The old Athens airport was chosen as the location. This is of course a very good location: the site is right by the sea and not far from Athens. In addition, there was aCooperation with the Greek company GEK Terna planned. Mohegan sold his shares to this company and at the same time promised that it would continue to support GEK Terna. It also regrets giving up the project, but justifies it with the work intensity of the South Korean project.

Nobody knows who will be awarded the contract for the project near Athens. However, itis believed that Hard Rock International will win the bid. This group had expressed great interest from the start and it has already been established that it is negotiating again with GEK Terna.

Mohegan always goes for luxury

Mohegan is a gambling operator that is very successful in the USA. Therefore, it can be assumed that the casino resort in South Korea will be a very big success. In Las Vegas, for example, theMohegan Sun Casino at Virgin Hotels is located, the exterior of which already gives a good idea of ​​what it looks like inside. Meter-high palm trees line the entrance area of ​​the resort, which begins a few meters behind.

Mohegan is also represented with large and luxurious resorts in other states of the USA. However, it could be that Las Vegas will become even more popular in the future. Currently planning has started for acircular bridge for pedestrians. Thanks to this, pedestrians should be able to cross a particularly accident-prone intersection safely. However, this will not be the only one of its kind. A total of seven bridges are planned so that casino players can safely get from one side of the street to the next.

The currently planned bridge is an architectural masterpiece that will cost approximately40 million US dollars. It is conceivable that it will become the new Las Vegas landmark, giving existing casino resorts a boost.

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The article was published on December 13th, 2021 in the magazine by cpaws-ov.org under the keywords, ,,, , published.
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