On February 26, the Ministry of Culture, Sports & Tourism added Inspire Integrated Resort to the two integrated resort developers in the Yeongjongdo area. The three integrated resorts to be located in the area are expected to create up to five trillion won in economic value.
Specifically, Inspire Integrated Resort is planning to build an integrated resort by 2019 at an investment of 1.5483 trillion won, which is scheduled to house five-star hotels, international conference venues, foreigner-only casinos, shopping malls and a theater with 15,000 seats. The other two contractors are LOCZ in the Midan City and the Paradise Group in International Business Center (IBC) I. At present, the Paradise Group is working on the Paradise City at an investment of 1.4 trillion won in IBC I to open it in March next year. The construction of LOCZ’s integrated resort and casino complex begins in the first half of this year, too.
In the meantime, the Ministry of Oceans and Fisheries is moving ahead with the Yeongjong Dream Island project, which is to build an integrated resort with water parks, golf courses and the like by 2020 by investing at least 2.4 trillion won in an area twice as wide as Yeouido.
The integrated resorts in Yeongjongdo are expected to benefit from the Korean government’s program for allowing transfer tourists to stay without visa in Korea for 72 hours, which became effective in 2013. This program is expected to attract tourists from Beijing, Shanghai and the like who wish to enjoy shopping and casino in a place closer than Macao.
Inspire Integrated Resort is a special purpose company set up by Mohegan Sun Korea and KCC. The approval can be cancelled if the company fails to make the planned investment within four years or violates relevant laws.