The Mohegan Tribal Gaming Authority ("MTGA" or the "Authority") operator of Mohegan Sun, Mohegan Sun Pocono and Resorts Casino Hotel, and Incheon International Airport Corporation ("IIAC") announced that they have signed a memorandum of understanding (MOU) to develop, build and operate a first-of-its-kind gateway entertainment city in South Korea. The integrated hotel-casino resort will feature world-class entertainment and hospitality attractions, as well as the only casino-resort anywhere connected to a fixed-base private aviation operation (FBO). The proposed resort would be developed on the grounds of Incheon International Airport, the 8th largest international airport in the world which serves more than 45 million annual visitors.
According to the terms of the MOU, the Authority and IIAC will enter into exclusive negotiations on a conceptual agreement for developing an 800-acre parcel of land owned by IIAC into a world-class, integrated entertainment destination. The MOU outlines a framework for a conceptual agreement on the project, with the goal of signing a finalized concept agreement by
June 30, 2015 and a scope of work proposal by the end of the year. Upon its completion, the integrated hotel-casino resort will cement Incheon Airport’s position as one of the best airports in the world and create an epicenter for Korea’s growing entertainment, tourism and hospitality industry.
"We are pleased to have reached this monumental agreement with Incheon International Airport Corporation, which is a testament to MTGA’s performance and ability to develop and operate premier, world-class assets at the highest level," said Bobby Soper, President of MTGA. "We look forward to extending the unique Mohegan Sun brand, focused on unparalleled hospitality and guest experience, to Korea and providing a new, global customer base at a one-of-a kind, must-visit destination. We have tremendous respect for IIAC and are excited to partner with Mr. Park Wan-su to build on the strengths of our two organizations and create the leading, first-of-its kind offering for travelers across the world.