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Mohegan teams with Hanwha for Korea IR

Mohegan Gaming and Entertainment says it has teamed up with South Korean conglomerate Hanwha Corp to build its Project Inspire resort. 

Announcing its fiscal Q4 results, Mohegan said Hanwha will serve as general contractor for the IR, which is on track for a 2022 opening. It will also provide the project with important local operational expertise and credit enhancement. 

"MGE had a remarkable fiscal fourth quarter given the inclusion of two new competitors in our primary northeast market in the last 15 months, and we are off to a good start thus far in the first quarter of fiscal 2020 as well," President and CEO Mario Kontomerkos said in a release. "These strong results can be attributed to a commendable management effort by our property leadership as well as our first full quarter of operations from our Niagara resorts. 

The group announced revenue gained 19.2 percent to $414 million in the three months to end September. Adjusted EBITDA was $89.4 million a 5.4 percent decrease.

Project Inspire, near the Incheon International Airport, will have a three-tower luxury hotel complex with more than 1,300 rooms, a 4,500 square meter Korean cosmetics and beauty hub, a themed indoor and outdoor amusement park and a 33,000 sq m Eco Adventure Park, with an indoor rainforest.

The casino is expected to occupy 20,000 sq m.

Mohegan had also been seeking a license in Japan and had set up an office in Tomakomai, although this week Hokkaido officially bowed out of the IR race.

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