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New Mohegan Sun Casino Resort with theme park for Korea?


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Did South Korea take their land from Indians too?

 

I like this concept, just not sure the Mohegan tribe are the right partners. I wouldn't be surprised if another gaming company swoops in to get the gaming license and ultimately end up partnering with Incheon.

Edited by Jew
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Vegas has been on the decline in terms of gaming revenue for awhile. Indian casinos & Macao have taken lots of their business. This project would just be another dagger.

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^ That's mainly because all of the big casinos here don't have cheap gambling anymore. It's almost impossible to find anything under $10 per hand at the table games, even downtown. They began catering to the rich and super rich and stopped caring about, you know, the other 90% of people who visit the city.

 

Now it's all about the damned nightclubs and pool parties.

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Vegas has been on the decline in terms of gaming revenue for awhile. Indian casinos & Macao have taken lots of their business. This project would just be another dagger.
Macau has overtaken Las Vegas in Revenue each year since 2007 and the Revenue Streams are 7 Times that of Las Vegas as of 2014.
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Macau gaming renvue has been on the decline too. China cracked down on the corruption behind the people who recruit the whales. That combined with the fact gambling is all over the place now...

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It's been widely reported that the government crackdown on corruption has scared all the Chinese high rollers away. Revenue was down almost 40% for March, the 11th straight month of declines. Still larger than Vegas and a HUGE number, but certainly makes you wonder what level is sustainable for them.

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  • 11 months later...

After many different proposals submitted for gaming licenses, South Korea issued one and it was for this project. This was back in late Feb. So, it appears to progressing with 2017 targeted for ground breaking.

 

The South Korean government appears to building up some artificial islands adjacent to the bridge to the airport as well for another project that includes a water park and additional theme park

http://m.pulsenews.co.kr/view.php?sc=30800022&year=2016&no=213641

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I'm sure the casino and some other attractions will pop up but I'm still skeptical on the theme park and water park front, I've seen so many "confirmed proposals" and partnerships that have never come to fruition, a few months ago I shared a "confirmed" project for Disneyland partnered with MGM resorts in Incheon, the Hwaseong government put out cryptic tweets about a park coming and more details which never followed and speaking of Hwaseong, Universal was announced for like the 4th attempt recently.

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  • 2 years later...

Latest info on the project.

 

Casino - Ground will be broken May, 2019 with an 2022 opening date

Amusement Park - earliest possible opening date is 2025

 

 

https://www.casino.org/news/mohegan-sun-plans-south-korea-casino-groundbreaking-for-may

 

Mohegan Sun to Break Ground on South Korea Casino, Announces Paramount Pictures Theme Park

December 07, 2018 By Devin O'Connor

 

Mohegan Sun plans to break ground on its $5 billion integrated casino resort in South Korea in May. Known as Inspire, the property is located adjacent to the Incheon International Airport, and will be equipped with its own air terminal.

Mohegan Sun casino Incheon South Korea

 

The gaming unit of the Mohegan Tribe in Connecticut, the company announced this week that the first phase of Inspire will cost $1.6 billion and feature a foreigner-only casino with 150 table games and 700 slot machines. The complex will offer 1,250 five-star hotel rooms, 15,000-seat arena, spa, numerous restaurants and retail shops, and 204,000 square feet of convention space.

 

Mohegan Sun additionally revealed that it has reached a deal with Paramount Pictures to build a theme park based on the Hollywood studio’s movies. Casino resorts in Asia have recently begun incorporating theme parks into their properties in an effort to attract families.

 

In South Korea, Jeju Shinhwa World has not only a casino, but also an amusement park that’s built around brands and characters developed by well-known Korean 3D animation company TUBAn. In Singapore, Resorts World Sentosa has a Universal Studios theme park.

Inspired Incheon

 

Mohegan Sun originally planned to have the first phase of Inspire opened in 2021. Now, the casino operator says it will need another year before taking its first guests.

 

As for the Paramount theme park, that won’t open until 2025. But Mohegan Tribal Chairman Kevin Brown said the theme park shows the company’s commitment to further developing the “integrated entertainment resort concept.”

 

Incheon International, which sits on Yeongjongdo Island, is set to become South Korea’s version of the Las Vegas Strip.

 

Along with Inspire, Chinese real estate developer LongRunn International is building a more than $4 billion complex called Diamond City. The planned development is much more than a casino resort, however, as the proposal includes schools, hospitals, residences, and “K-pop theme parks.” It would also be accompanied by a “seven-star hotel.”

 

Caesars is additionally mulling an integrated resort in Incheon, as is Philippines casino developer Bloomberry. Both companies have purchased land near the airport.

Earnings Diminishing

 

While Mohegan celebrated the May 2019 groundbreaking and the Paramount Pictures deal, not all was positive during the company’s fourth quarter fiscal 2018 call on Thursday.

 

The tribal company reported that net revenues totaled $347.2 million, a nearly $15 million reduction from the prior year. Gaming revenue was down more than five percent to $291.1 million.

 

Consistent with the company’s updated guidance, consolidated fourth quarter revenue and Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) were below prior year results, in part due to the impact of a recent competitive opening in the northeast gaming market,” a Mohegan Sun statement read.

 

MGM Springfield, the $960 million property located just five miles from the Massachusetts-Connecticut border, is presumed to be poaching gaming dollars out of Connecticut. The Mohegan’s namesake casino is located in the southeastern part of the state, as is Foxwoods, the other tribal gaming resort in Connecticut.

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