The Inspire Korea IR developed by Mohegan Gaming & Entertainment should be able to open ahead of its original schedule, and a non-gaming offering should already be available before the end of 2023, the company confirmed during its latest earnings call, summing up the results for the fourth quarter.
Tourism Big Focus of Upcoming Project
Even though construction had to be put temporarily on hold for a few months, it restarted at the beginning of February, with executives confident in the imminent success of the project and its timely completion.
While non-gaming operations are due to start before the end of the year, the company is still not clear on when gaming operations will follow suit. Mohegan CEO Ray Pineault assured that his company is pressing on with the project so as to provide timely gaming and non-gaming offer as soon as possible.
In terms of how fast this is happening, Pineault estimates that the project is already about 4.5% ahead of its original schedule. The executive said that 43.5% of the project has been completed as of January, adding:
Following a comprehensive review of Mohegan Inspire, we anticipate making additional equity investments to fund a variety of items related to the project.
Mohegan CEO Ray Pineault
Mohegan will also move on with the expansion of hotel rooms, convention, and meeting rooms, along with other identified priorities, Pineault explained. A big part of this is focused on the non-gaming segment, which Pineault motivates with a shifting trend in South Korean consumers who are looking for “staycation” options.
Massive Investment for an Ambitious Project
This is why the amenities that go beyond the gaming floor are equally important – if not even more so – to the group. As a whole, Mohegan Inspire is an impressive project that is going to cost $5 billion. The Inspire project will also include a foreign-only casino and focus on catering to tourists locally and internationally.
The project is planned with three hotel towers, a 15,000-seat arena, and a number of dining and entertainment options that make the stay worthwhile to guests and consumers. Upon completion, Mohegan Inspire will be the second integrated resort available in Incheon, after Paradise City. The project is also pushing against local competition from Macau and soon – Japan, where new integrated projects are also underway.