A consortium led by U.S. casino operator Mohegan Sun has signed an agreement with Incheon International Airport Corporation to build an integrated resort on Yeongjong Island by 2020.
Inspire Integrated Resort, which includes KCC Group and Mohegan Sun, signed the agreement to use land spanning 2.67 square kilometers on the island west of Seoul.
The agreement comes after the consortium won a bid to build an integrated resort in February with a KRW 5.6 trillion (US$5 billion) proposal.
"With the agreement, we have acquired the space to build the integrated resort," said Kang Yeon-sop, chief of Inspire Integrated Resort. "We aim to present Northeast Asia's largest resort, expecting about 10 million tourists annually."
The consortium will invest KRW 1.8 trillion for the first stage, and is scheduled to break ground in 2017. It will include a casino, luxury hotel, shopping areas, an entertainment arena and convention venues on the island to be completed by 2019.
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