The Mohegan Tribal Gaming Authority and Incheon International Airport Corp. have signed a memorandum of understanding to develop, build and operate a first-of-its-kind gateway entertainment city in South Korea. The integrated hotel-casino resort will feature world-class entertainment and hospitality attractions, as well as the only casino-resort anywhere connected to a fixed-base private aviation operation. The proposed resort would be developed on the grounds of Incheon International Airport, the eighth-largest international airport in the world, which serves more than 45 million annual visitors.
According to the terms of the MOU, the Authority and IIAC will enter into exclusive negotiations on a conceptual agreement for developing an 800-acre parcel of land owned by IIAC into a world-class, integrated entertainment destination. The MOU outlines a framework for a conceptual agreement on the project, with the goal of signing a finalized concept agreement by June 30, 2015, and a scope of work proposal by the end of the year.
Park Wan-su, president and CEO of Incheon International Airport Corp., said, "This project is an important step in Incheon Airport's continued efforts to become a global mega-hub airport."
The development is expected to include, but not be limited to, the following features:
- Two-tower luxury hotel complex with 1,000 guestrooms, which will be split between 300 6-star rooms and 700 5-star rooms;
- The first and only private jet terminal (FBO) in the world connected to an integrated casino resort;
- More than 18,500 sq. meters of retail, food, art and music entertainment experiences, including a Korean village celebrating Korean food, and music, state of the art motion picture and film studio, and a Native American cultural and arts experience;
- Over 60 of the most sought after luxury retail brands in the world and over 20 food and beverage concepts;
- A Korean cosmetics and beauty hub promoting Korea's dominance in Asia in this area;
- Entertainment arena with capacity for up to 20,000 attendants for Class-A acts and arena sport events;
- An indoor-outdoor amusement park with 18,500 square meters of the latest high-tech amusement rides and more than 12 outdoor attractions; and
- A 18,500 square meter casino with 250 tables and 1,500 slot machines.
Mohegan Sun is joined by Miura Holdings Asia, a multipurpose investment vehicle focused on gaming, hotel and food and beverage activities in the United States and Asia, as part of the development team.
Consummation of the conceptual agreement and development of the project is subject to certain governmental and regulatory approvals, including, but not limited to, MTGA securing a gaming license from the Korean Ministry of Culture, Sports and Tourism.