U.S. regional tribal casino operator Mohegan Gaming and Entertainment, known as Mohegan Sun, has announced a “multi-year partnership” with concert promoter Live Nation Entertainment, for a casino resort Mohegan Sun is building next to the Incheon International Airport, in South Korea.
The agreement is to “acquire talent” for the project, the latter known as “Project Inspire”, Mohegan Sun noted in a press release issued on Wednesday. The document added that the partnership would ensure that “Project Inspire venues attract the very best in global talent and create the region’s most exciting entertainment experience”.
The US$5-billion Project Inspire (pictured in an artist’s rendering) is being developed by stages. The first stage is scheduled to open in 2021. It will feature a three-tower hotel, shops, a foreigner-only casino and entertainment amenities “including a 15,000-seat indoor arena and outdoor performance space”.
Mohegan Sun and Live Nation “have been long-time partners in creating one of the most successful arena venues in the world for its size, the Mohegan Sun Arena in Uncasville, Connecticut,” in the United States, said the chief executive of Mohegan Sun, Mario Kontomerkos, in prepared comments included in the release.
That was a reference to Mohegan Sun’s flagship property, the Mohegan Sun casino resort, and its Mohegan Sun Arena. According to the press release, since the casino operator and Live Nation entered in a deal for that property, the latter “has delivered over 1,100 performances that have contributed to Mohegan Sun Arena’s ranking amongst top venues in the world with major U.S. tours, sell-outs and national awards.”
Mr Kontomerkos added: “Now, we are partnering again to do the same, only this time it will be at the Inspire Super Arena at the Incheon International Airport, right in the heart of the burgeoning Northern Asia entertainment market.”
Also commenting on the partnership, Alan Ridgeway, Live Nation’s president for international and emerging markets, said: “Touring throughout Northern Asia has grown significantly over the last few years, and the addition of the Inspire Super Arena can only continue to enhance that growth.”
Mohegan Sun has also made a preliminary pitch for a Japan regional casino licence.
The firm announced its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) dipped by 1.2 percent in year-on-year terms in the fiscal third quarter. For the period ending June 30, adjusted EBITDA was US$88.2 million.
Mar 05, 2021Despite United States-based casino group Las Vegas Sands Corp (LVS) being in line to generate US$6.25 billion from the sale of its Las Vegas, Nevada assets, Fitch Ratings Inc said in a Thursday memo...
Mar 05, 2021
Mar 05, 2021
“Prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality"
Junling Tan, Yu Sheng Tay and Vikas Halan
Analysts at credit rating agency Moody’s Investors Service