South Korea's Mohegan Inspire Casino on Track for 2023 Launch
LISTEN TO THIS ARTICLE:Mohegan Gaming & Entertainment reports that 89% of the construction for its South Korean integrated resort (IR), Mohegan Inspire, in Incheon, is finished. It is on course to open by the fourth quarter of 2023, as planned. It was also verified that all necessary funding would be fulfilled, with a concluding investment of $67 million expected to be withdrawn from the company's credit facility in the near future.
Mohegan Inspire Making Progress
In Mohegan's earnings call for the June 2023 quarter, President and CEO Ray Pineault informed analysts about the progress of Mohegan Inspire's US$1.6 billion Phase 1 development. He assured them that the company does not expect any last-minute problems as it nears completion.
Mohegan is set to first open non-gaming facilities, including the hotel, in line with local regulations, as a prerequisite for obtaining the casino license. The casino is targeted to open in early 2023, following the required hotel ratings. Despite the lack of specific details on the casino's opening date, Pineault has affirmed that the company will work to minimize any delays.
Related: Mohegan Shows Small Drop in Third Quarter Fiscal ReportUpon completion, the integrated resort will include three hotel towers offering a total of 1,200 rooms, along with an arena, a foreigner-only casino, dining and retail spaces, convention facilities, entertainment options, a year-round indoor water dome experience, and an outdoor family park. It will be the second integrated resort to open in Incheon, following Paradise City.
New Opportunity for South Korea as China Eases Border Restrictions
Dozens of countries, including South Korea and Australia, are poised to gain advantages as China's Ministry of Culture and Tourism has announced an immediate expansion in the resumption of group tours. Since easing border restrictions on January 8, the Ministry has been progressively restarting overseas group tours. The latest batch, effective from August 10, encompasses many favored global destinations for Chinese citizens.
According to the newest guidelines, travel agencies and online travel companies in China are permitted to restart outbound group tours. They can also resume the "air ticket + hotel" format to specific countries and regions.
Moreover, the Ministry stated that the overall functioning of the outbound tourism market has been stable and methodical. It emphasized that this plays a constructive role in enhancing tourism exchanges and collaboration.
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