Incheon International Airport Corp. has signed a final agreement with Inspire Integrated Resort to begin construction on a resort complex on Yeongjongdo Island by 2020, according to the airport corporation and the Transport Ministry on Monday.
Under the agreement, Inspire will invest $5 billion on developing 2.67 square kilometers of land.
An artist’s impression of the planned Inspire Integrated Resort (Ministry of Infrastructure, Land and Transport)
The first step will be to build the resort with 1.8 trillion won ($1.62 billion), including accommodation, a performance arena, a theme park, an arena and casino, on approximately 1 square kilometer.
The Transport Ministry said that the project hopes to have these facilities running by 2020.
Inspire Integrated Resort is a consortium by the Mohegan Tribal Gaming Authority, the gambling arm of the Mohegan Native American tribe in the U.S., and Korean chemicals maker KCC Corp.
Inspire was chosen as the developer for the integrated resort project in February.
By Won Ho-jung (
hjwon@heraldcorp.com)
