On the 5th of December, an announcement was made that delighted the entire industry. The announcement was that Mohegan Gaming and Entertainment just put pen to paper with giants, Hanwha Corporation. They are to partner on the construction of the Project Inspire Resort.
As it was disclosed by Calvin Ayre, it was included in the Mohegan’s 4th quarter report that Hanwha Corporation is their chosen partner.
The company will be the general contractor for the massive project, which is expected to be open to the public in 2022.
As stated in the company’s press release by Mario Kontomerkos, the President and CEO, said
“In connection with Inspire, we are pleased to announce our partnership with Hanwha Corp, one of the country’s largest conglomerates, who will serve as our primary general contractor and will also provide the project with important local operational expertise and credit enhancement.”
The project is expected to take Hanwha to new heights due to how massive it is. Both companies have reached an agreement, so work can begin in earnest. This includes a “guarantee of completion” which was signed by Hanwha.
In addition to that, Hanwha invested a sum of $100 million in this groundbreaking project. That’s not all, Hanwha also provided infrastructural and operational guarantees for the project.
The project will come with a number of offerings that would wow its customers. It would come equipped with a resort and world-class hotel, in addition to several non-gaming offerings.
The hotel will sit on 4500 square meters of land and would have more than 1300 rooms. It will be dedicated to Korean beauty and cosmetics services.
Also, the project will contain a themed outdoor and indoor amusement park. This park is an Eco adventure park and is expected to cover about 33,000 square meters. It will also come with an indoor rain forest. From the look of things, the project will definitely be a hit with most customers.
The project is expected to gulp a sum of $5 billion. It has been laid out that the structure will be built in four phases. The estimated time frame to complete the project is about two decades, with all things being equal. The last phase of the project is expected to be completed on or before 2031.
The announcement for the project was disclosed when Mohegan Gaming (MGE) released its fourth quarter earnings. The company enjoyed a good run in this period. They enjoyed a massive increase in the span of three months which ended in September.
The rise was 19.2 percent higher when compared to the same earnings last year. The total revenue earned was $414 million for the 3 months.
Kontomerkos had this to say,
“MGE had a remarkable fiscal fourth quarter given the inclusion of two new competitors in our primary northeast market in the last 15 months, and we are off to a good start thus far in the first quarter of fiscal 2020 as well. These strong results can be attributed to a commendable management effort by our property leadership as well as our first full quarter of operations from our Niagara resorts.”
