Mohegan Sun Rising in South Korea

Mohegan Sun has serious plans to develop a casino resort in South Korea. They have reached the deal to build a casino which will be connected to Incheon International Airport of South Korea which is the eighth largest airport in the world.

The Mohegan Sun leaders and Icheon International Airport Corporation have signed a memorandum of understanding for the casino resort on Monday. According to this document, the resort will be connected to private jet terminal at Incheon Airport and it will be the first international business venture of the Mohegan Sun.

The casino resort will include hotel with 1,000 luxury rooms, outdoor amusement park and various entertainment and shopping facilities. When it comes to casino, players will be able to enjoy in 250 tables and 1,500 slots machines.

Federally recognized Mohegan Sun tribe will work with Las Vegas based company Miura Holdingsto to establish luxurious casino resort. CEO of Mohegan Tribe Gaming Authority said that casino will feature some details from the culture of the Mohegan tribe. It was reported that the tribe will invest nearly $1.6b in the casino resort project by 2020.

South Korea is one of the countries that will benefit from the serious crisis in China’s gambling hub Macau. Anti-corruption campaign by president Xi Jinping has led to revenue decline and weak economy in Macau so more investors have became interested in South Korea’s gambling market.

South Korea is currently one of Asia’s fastest growing casino markets so this project will certainly benefit from weakness of Macau. Macau has also faced tighter government regulations along with corruption crackdown that scared many high rollers.

However under current South Korea law, Koreans are not permitted to gamble at the casinos except in state-run Kangwon Land Casino. Due to the law, investors will have to rely on foreigners in order to generate stable revenue.

Mohegan Sun is currently seeking approval to build a casino in Connecticut to keep money in the state and stop Connecticut residents from gambling in neighboring states. Tribe wants to draw customers from the newly approved resorts in Massachusetts and New York that are seen as a threat to Connecticut’s gambling industry.

Mohegan Sun has failed to obtain a license to build casino in Massachusetts last year but the tribe has successfully entered new markets in Pennsylvania and New Jersey.

Photo: obstacleracemagazine.com