- Information Center
- Investment News
According to Pulse by Maeil Business News Korea,
The multi-billion-dollar project to create a spacious integrated resort on Yeongjong island in Incheon adjacent to South Korea’s main international gateway kicked off with the target to open for business in 2020.
The Ministry of Land, Infrastructure and Transport (MOLIT) said Monday that the consortium - led by Mohegan Tribal Gaming Authority (MTGA) of the United States and Korean chemical maker KCC Corp. - signed an agreement with Incheon International Airport Corp. to lease out 2.67 square meters of its land to build an integrated resort named “Inspire” at a cost of $5 billion.
The consortium was licensed by the Ministry of Culture, Sports and Tourism in February to create upscale integrated resort west of Seoul consisting of luxury hotel, the country’s largest casino and theme park, plus an exclusive private jet terminal. The resort is a part of the city plan to develop the area around the airport together with expansion in the gateway.
The first phase construction at a cost of $1.6 billion will build three-tower luxury hotel complex with 1,350 rooms, water park, and foreigners-only casino on a space of 20,000 square meters with 250 tables and 1,500 slot machines.
The resort will be open for business in 2020 on hopes to draw more than 3 million new visitors to Korea in its first year. In the long term, it will create 15,000 jobs in the service sector as well as contribute 6 trillion won ($5.4 billion) to annual tourism revenue.
By Kim Tae-sung
Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.
Source: Pulse by Maeil Business News Korea (Aug. 1, 2016)