U.S. tribal casino operator Mohegan Sun has signed new agreements with the Incheon International Airport Corp. in relation to the development of the Inspire Integrated Resort in Incheon, South Korea.
Mitchell Etess, president and chief executive of Mohegan Sun, said the group had signed a development services agreement, which will grant Mohegan Sun a total of $40 million over the development period for the project.
“In April, we executed important agreements between Inspire and the Incheon International Airport Corp relating to the required surrounding infrastructure, the capital expenditures of which will be ultimately funded by the IIAC, our landlord on the project,” said Etess in a recent conference call.
“Just last week, we received our first installment totalling US$10 million under this agreement,” he added.
Construction of the integrated resort in Incheon is expected to start late this year or early next year, with construction to finish around 2020 - 2021.
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