Inspire Reports $200 Million FDI... Expected to Revitalize Yeongjongdo Integrated Resort Complex

Perspective view of Inspire Complex Resort [Provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The Incheon Free Economic Zone Authority announced on the 14th that Inspire Complex Resort, which is promoting a foreigner-only casino complex resort project on Yeongjong Island, has reported $200 million in foreign direct investment (FDI).

The Inspire Complex Resort project is being carried out by MGE (Mohegan Gaming Entertainment), which owns and operates the Mohegan Sun Casino in Connecticut, USA.

On the west side of Terminal 2 at Incheon International Airport, in the IBC-III area covering 4,367,000㎡ (approximately 1.32 million pyeong), three hotels (1,256 rooms), a large arena with 15,000 seats, a convention center, and a foreigner-only casino will be constructed with a project cost of 1.7 trillion KRW, and 1.3 trillion KRW will be invested in creating a theme park.

Additionally, this is one of the core projects of the Yeongjong Island complex resort cluster, with an additional investment of 2 trillion KRW planned for phases 2 to 4. Construction began in May last year and currently shows a progress rate of 12%.

Due to the prolonged COVID-19 pandemic causing a downturn in the international tourism industry and difficulties in raising funds for the Yeongjong Island complex resort cluster project, Inspire Complex Resort’s early investment of $200 million is seen as a determination to directly overcome these challenges.

The Incheon Free Economic Zone Authority expects that once the $200 million early investment funds arrive, not only will the Inspire Complex Resort construction proceed normally, but additional fundraising will also be activated.

The Inspire Complex Resort development project is expected to create over 8,000 jobs during the construction phase and about 15,000 jobs upon opening. Above all, it is anticipated to play an important role in developing Yeongjong Island into a global tourist destination alongside Incheon International Airport, Paradise City, and Caesars Korea Complex Resort.

Lee Won-jae, head of the Incheon Free Economic Zone Authority, stated, "This investment is a great gift to the Yeongjong Island complex resort cluster project, which is facing difficult conditions due to the COVID-19 crisis, and it will have a positive impact on other projects as well. We will continue to provide proactive administrative support related to the Inspire Complex Resort project."

This content was produced with the assistance of AI translation services.