Mohegan Focuses On Inspire Korea After Withdrawing From Greek IR Project
Mohegan Gaming & Entertainment will focus all of its international attention on completing the South Korean integrated resort, Inspire Korea, after pulling out of another IR project in Greece.
In a statement released Friday (Asian Time), Mohegan said it had “conducted a comprehensive review of its operations and future commitments in the new context created by the global COVID-19 pandemic and concluded that we would not continue to pursue concession rights for the Athens project.
“We’re also focusing on Inspire Korea’s big business, which will be consuming over the next few years. While we know this is a disappointment for many, it is the right move for our company and its stakeholders. “
Mohegan’s withdrawal from Greece came as a surprise to many given that he had already obtained a casino license from local authorities in October 2020. The American tribal gaming operator had partnered with Greek conglomerate GEK Terna and was preparing a development plan for the area which was to incorporate a range of entertainment facilities, a five-star hotel, retail, restaurants and more into the former Hellinikon airport complex.
However, he revealed in an October 27 SEC filing that he had transferred his entire stake in the Athens project to GEK Terna, receiving approval from the Hellenic Gaming Commission on October 22.
“The final transfer of the consortium’s dependence on the company’s technical and professional capabilities and experience in the development and operation of integrated resort casinos remains pending, along with other administrative procedures. for the final government and regulatory review, ”Mohegan said at the time.
Mohegan’s international chairman, Bobby Soper, recently said the company hopes to open its US $ 1.6 billion Inspire Korea integrated resort by the second quarter of 2023, having already secured a six-month extension to the contract. deadline for opening by the Ministry of Culture, Sports and Tourism.
When complete, Inspire Korea – located near Incheon International Airport – will cover 1.6 million square meters and feature 150 game tables and 700 EGMs, a 15,000-seat arena, an air-conditioned indoor dome with a swimming pool and rides, restaurants and shops, a 19,000 square meter conference and convention space and 1,250 hotel rooms.