U.S. regional tribal casino operator Mohegan Tribal Gaming Authority, known as Mohegan Sun, says it is “excited” about its new partnership with South Korean chemicals manufacturer KCC Corp in the run up to a bid for a gaming licence in South Korea.
KCC Corp on Friday announced it had acquired a 24.5-percent stake in Inspire Integrated Resort Co Ltd – a South Korean subsidiary of Mohegan Sun – for a total consideration of KRW203.8 billion (US$176 million).
Inspire Integrated Resort was established to pursue potential gaming opportunities in South Korea, Mohegan Sun has said in previous filings.
“We are excited to team up with KCC as we believe they are a perfect partner,” the president of Mohegan Sun, Bobby Soper, told GGRAsia in an email.
KCC Corp provides products for the construction, automotive, electronics, consumer and industrial appliance, and fast-moving consumer goods industries in South Korea and internationally.
“Not only do they [KCC Corp] have a strong appreciation of doing business in Korea and complement the project with their expertise as a top-notch supplier and contractor, but we [the two parties] are aligned in our values, as we both believe in the great importance of operating with transparency, integrity and commitment to the community,” said Mr Soper.
Mohegan Sun confirmed a fortnight ago that it would submit a proposal to build a so-called integrated resort – including a foreigners-only casino – in South Korea’s Incheon Free Economic Zone. The deadline for submissions under a request for proposal process, being held by South Korea’s Ministry of Culture, Sports and Tourism, is this Friday, November 27.
Mohegan Sun’s multi-phase development project (pictured in a rendering) includes a private air terminal, a luxury hotel complex, a casino, a 20,000-seat arena, shops, restaurants, art exhibitions and music entertainment areas.
The total cost of the first phase is estimated at US$1.6 billion, with a commitment to spend a total of US$5 billion, according to Mohegan Sun.
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