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INSPIRE Entertainment Resort (“INSPIRE”) under development on Yeongjong Island, Incheon obtained the final approval for its business plan change application from the Ministry of Culture, Sports and Tourism.
Amid the tourism industry’s distressing circumstance due to the unforeseen COVID-19 global pandemic, INSPIRE and Mohegan Gaming & Entertainment (MGE) committed an additional USD$200M in November last year, solidifying their commitment to build an integrated resort on Yeongjong Island, Incheon.
The business plan change approval provides INSPIRE with an extension to their development timeline necessary due to the impact of the COVID-19 pandemic. It allows for the addition of an outdoor themed attraction zone. The approved change plan incorporates sustainable development and forward-looking strategies, given the realistic and practical shifts in the tourism and hospitality industry hard hit by the COVID-19 crisis. Following this approval, INSPIRE will focus all efforts on the closing of its project financing and its anticipated opening in 2023.
The resort facilities will include over 1,200 5-star hotel rooms in three towers, a 15,000-seat multi-purpose performance hall and arena, a convention center, an indoor water-dome, a foreigner-only casino, and the newly added outdoor family-centered entertainment element.
“We are thrilled to hear the news of the awaited business plan change approval from the government,” said Mr. Andrew Billany, CEO of INSPIRE, who added that “we plan to normalize the resort construction shortly, fully dedicate our efforts on securing financing.”
Based on the approved “business plan change,” INSPIRE and MGE aims to fulfill their vision in constructing a world-class premium integrated entertainment resort in Incheon, South Korea.
(Released date: March 31, 2021)
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Displayed on 31-March-2021
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