South Korean chemicals firm KCC Corp is to join forces with Mohegan Sun, a US casino operator, to build a US$5bn integrated resort on the western gateway island of Yeongjong.
KCC acquired a 24.5 per cent stake, worth $176m, in Inspired Integrated Resort, Mohengan Sun's Korean branch, the company said in a regulatory briefing. Mohegan is set to submit its bid to build an integrated resort including a foreign-only casino in Yeongjong, which houses Incheon International Airport.
The deadline for the application was slated for November 27 and the Ministry of Culture, Sports and Tourism plans to announce winners within this year. Mohegan Sun's multi-phase development project, which starts with a $1.6bn integrated resort near the airport, will include a casino, entertainment, shopping and dining facilities, a luxury hotel, a theme park and a convention venue.
