Mohegan Sun and Korean Chemical Corporation have signed a 50-year lease with Incheon Airport that allows them to begin their planned $5bn Inspired integrated resort near Seoul in South Korea.

The joint venture plans a nearly $2bn phase one that will include a 1,350-room hotel, Paramount movie theme park, 15,000-seat arena and convention centre.

Construction is expected to be complete by the end of 2019 with an opening in 2020.