{"id":1031,"date":"2017-07-31T15:40:41","date_gmt":"2017-07-31T15:40:41","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=1031"},"modified":"2017-07-31T15:53:38","modified_gmt":"2017-07-31T15:53:38","slug":"mohegan-gaming-and-entertainment-to-start-construction-of-south-korean-project-by-2017-end","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/mohegan-gaming-and-entertainment-to-start-construction-of-south-korean-project-by-2017-end\/","title":{"rendered":"MGE To Start Construction Of South Korean Project By 2017 End"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2017\/07\/proposed-mohegan-sun-inspire-casino-south-korea.png\" alt=\"Proposed Mohegan Sun Inspire Casino, South Korea\" width=\"300\" height=\"197\" class=\"alignleft size-full wp-image-1034\" \/><strong>Mohegan Gaming and Entertainment<\/strong>, a U.S-based Native American casino operator has confirmed that it is starting construction of its casino property at Incheon, South Korea named &#8216;<a href=\"http:\/\/mohegansuninspire.com\/en\/index.html\">Project Inspire<\/a>&#8216; by the end of 2017 Chief executive <strong>Mitchell Etess<\/strong> stated while releasing the company\u2019s latest financial results that the project was at an advanced stage of planning. <\/p>\n<p>The company has so far invested nearly $14.6 million in the Inspire project during the last nine months ending June 30. Mohegan Sun has teamed up with South Korean chemicals giant <strong>KCC Corp<\/strong> as well as Incheon International Airport Corp for the project. This is the tribal operator\u2019s first venture outside the United States. <\/p>\n<p>In a statement Etess said <\/p>\n<blockquote><p>The company is well into the planning stage of its [South] Korean joint venture, project Inspire,where we anticipate breaking ground before the end of calendar 2017<\/p><\/blockquote>\n<p>Within the U.S, the tribe runs two major facilities which are <strong>Mohegan Sun, a casino complex in Connecticut<\/strong> and <strong>Mohegan Sun Pocono in Pennsylvania<\/strong>. The tribe also manages other gaming properties across Louisiana, Washington and Atlantic City as well. It has also recently partnered with another tribal firm to jointly develop a casino in the state of Connecticut.<\/p>\n<p>The tribe\u2019s full scale integrated <a href=\"https:\/\/www.legitgambling.com\/news\/bloomberry-to-buy-south-korean-island-and-casino-operator\/\">resort in Incheon<\/a> will have a gaming space spread over 20,000 square meters featuring 250 gaming tables and 1,500 slot machines, along with a Paramount Studios-themed amusement park, a luxury hotel complex comprising over 1,300 five-star and six-star rooms.<\/p>\n<p>The first phase is expected to have a budget of $1.6 billion while overall investment for the project is set at $5 billion and will be spread across multiple phases over a 20 year period. The first phase is expected to open in 2020. Under the agreement, Mohegan Sun is scheduled to collect a development fee of around $45 million during construction and a management fee comprising 3 percent of all revenues and a fixed amount of around $30 million per year for 24 years.<\/p>\n<p>According to its latest results, Mohegan Gaming and Entertainment has posted net revenue of $350.2 million in the second quarter of 2017, an 8.3 percent growth vis-\u00e0-vis same period last year. Net revenue was up a whopping 68.1 percent year-on- year reaching $43.8 million for<br \/>\nthe three months that ended June 30.<\/p>\n<p><a href=\"https:\/\/www.mohegan.nsn.us\/Business\/gaming-entertainment\/mohegan-gaming-entertainment\">Mohegan Gaming and Entertainment<\/a> recently rebranded itself moving away from its earlier name of <strong>Mohegan Tribal Gaming Authority<\/strong>. The company said that the new brand name would reflect its growing portfolio of domestic and international integrated resorts and aligns with its position as a premier entertainment destination.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mohegan Gaming and Entertainment, a U.S-based Native American casino operator has confirmed that it is starting construction of its casino property at Incheon, South Korea named &#8216;Project Inspire&#8216; by the end of 2017 Chief executive Mitchell Etess stated while releasing the company\u2019s latest financial results that the project was at an advanced stage of planning. [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1031","post","type-post","status-publish","format-standard","hentry","category-casino"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MGE To Start Construction Of South Korean Project By 2017 End -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/mohegan-gaming-and-entertainment-to-start-construction-of-south-korean-project-by-2017-end\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGE To Start Construction Of South Korean Project By 2017 End -\" \/>\n<meta property=\"og:description\" content=\"Mohegan Gaming and Entertainment, a U.S-based Native American casino operator has confirmed that it is starting construction of its casino property at Incheon, South Korea named &#8216;Project Inspire&#8216; by the end of 2017 Chief executive Mitchell Etess stated while releasing the company\u2019s latest financial results that the project was at an advanced stage of planning. [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/mohegan-gaming-and-entertainment-to-start-construction-of-south-korean-project-by-2017-end\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-31T15:40:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-07-31T15:53:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2017\/07\/proposed-mohegan-sun-inspire-casino-south-korea.png\" \/>\n<meta name=\"author\" content=\"Landon Wheeler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Landon Wheeler\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" 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