South Korea’s Hanwha E&C has formally signed an agreement for the 1.8 trillion won ($1.5 billion) Phase 1 development of a state project to build the country’s first integrated entertainment resort complex near the main air gateway in Incheon with the developer, Inspire Integrated Resort Co., the Korean subsidiary wholly-owned by U.S. master developer of integrated resorts Mohegan Gaming & Entertainment (MGE).

The signing came after the announcement that Inspire had raised the financing of 1.8 trillion won needed for the Phase 1 development of the “Inspire Entertainment Resort” project in Yeongjong, Incheon on Wednesday.

The project is to build an integrated resort complex on a site of 4.3 million square meters (514 million square yards) in Yeongjong near the Incheon International Airport at the largest scale in Northeast Asia.

The Phase 1 resort development includes three 5-star hotel towers with more than 1,000 rooms, a 15,000-seat multifunctional performance arena, convention facilities, a foreigner only casino, an outdoor theme park and other commercial facilities, which are due to be opened in 2023.

Inspire Integrated Resort expects the luxury resort complex will help create 5.8 trillion won worth production and 1.8 trillion won worth additional value. Achieving synergy with nearby airport, hotels and resorts, Yeongjong can turn into one of the top tourist attractions in Asia.

With a proven track record in developing and operating leading integrated entertainment resorts in North America, MGE hopes to add a resort landmark in Korea.

“We look forward to contributing to the Korean economy while at the same time opening and operating a successful, state-of-the-art resort. I’m thrilled to see our international vision for IR development reach this important milestone,” said Bobby Soper, International President of MGE.

Choi Kwang-ho, vice chairman of Hanwha E&C, also vowed to go all-out to revive the economy of the Incheon region as well as contributing to growth of the Korean tourism industry with successful completion of the Phase 1 development.

By Yoo Joon-ho and Lee Ha-yeon

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