Inspire is the newest integrated resort in South Korea. Mohegan Gaming and South Korean casino industry insiders hope it can help fend off the competition from Japan. Online casinos experts also stated that the casino industry requires a promotional push.
Integrated resorts were pioneered at Mohegan Sun in Uncasville, Connecticut, long before they were popular in Singapore.
Since its inception in 1996, Mohegan Sun has steadily climbed to become the second-largest Indian Riverboat in the United States, following only Oklahoma’s WinStar International Casino. This growth trajectory underscores its potential in the South Korean casino industry, especially with the launch of Inspire.
Mohegan Sun Joins the South Korean Casino Industry
The tribal gaming behemoth is now doing what it preaches to Korea. Its $1.4 billion Mohegan Inspire in South Korea’s Incheon formally opened to the public in March. Incorporating it into the government’s strategy to increase annual international tourism from 11 million to 20 million tourists is being hailed as the new standard for IRs in the nation.
Its arrival could not have been timed more perfectly for the market preparing for Japanese competition. With the help of Japanese financial services company Orix Corp. and international gaming powerhouse MGM Resorts International, MGM Osaka will launch the country’s first legal casino in 2030. Competition for the same group of foreign clients will heat up at MGM Osaka, which is only 90 minutes away by plane.
Another Korean casino resort, Inspire, has already claimed the IR name. Similarly, Paradise City welcomed guests in Incheon in 2014 with its hotel, amusement park, and conference centers. A Marriott resort with a water park, theme park, and hotel, Jeju Shinhwa World has been open to the public on Jeju Island since 2018. The ball is now in Inspire’s court. On the premises, you’ll find a vast outdoor amusement park, a glass-domed water park, the most enormous ballroom in the country, three hotel towers, and a multi-purpose stadium seating fifteen thousand.
Osaka, however, will pose a severe threat. The seven-hundred-acre Japanese cultural museum, three five-star hotels, a shopping area, and three theaters will make up the $8.5 billion megaresort on Yumeshima Island in Osaka Bay, which will also host the 2024 World Expo. The CEO and president of MGM, Bill Hornbuckle, has stated that it will bring MGM’s casino DNA from Las Vegas to Japan. However, there are no plans to open an online casino.
Korean Casinos Need to Improve
Yang Hyung-eun, a research scientist from Osaka, recently wrote an opinion piece for the Korea Times in which he argued that Korea has to improve its performance. His main point is that the government has prioritized regulation over IR business advancement, and the country has been waiting too long to do so. In preparation for MGM Osaka, he requested a “white paper” outlining the company’s plans.
According to Yang, if the Japanese government grants licenses to more IRs, the gaming industry in Japan would become even more dangerous for Korea. Tokyo is sometimes considered an alternative site for an IR. However, Nagasaki was unsuccessful in securing one of the three available licenses.
Inspire has already established itself since its soft opening in November 2023. The New London Day reports that it brought in $35.9 million of the Mohegans’ record-breaking $461.7 million in net revenue for the fiscal year ending March 31, 2018. According to CBRE’s projections, the company may turn a profit by the beginning of 2027. Thus, Mohegan Sun remains part of the gambling recommendations by bookies.
