Mohegan Gaming pulls out of Greece to focus on Korea

inspire korea resort

Mohegan Gaming & Entertainment has pulled out of plans to build an IR in Greece to focus its attention on developing Inspire Korea.

“MGE has conducted a comprehensive review of its operations and future commitments against the new backdrop created by the COVID-19 global pandemic and concluded that we would not continue to pursue the concession rights for the Athens Project,” it said in a statement. “We are also focused on the large undertaking at Inspire Korea, which will consume the next few years. While we know this is a disappointment to many, it is the right decision for our company and its stakeholders.”

The Hellenic Gaming Commission selected Mohegan and its GEK Terna Holding Real Estate Construction partner to construct the resorts  near Athens. 

Mohegan said in September all of its equity ownership in the Athens project was transferred to GEK Terna, which was previously the minority owner in the venture.

Mohegan’s Korea project, Inspire Korea, is in the Incheon economic zone close to the Seoul International Airport, one of the busiest in Asia. 

South Korea has received government approval for an extension to its construction deadline and tweaks to the business plan.

The company now plans to open in the first half of 2023 instead of 2022 as originally planned and will now include an outdoor activity park. It said Covid prompted the delay request and the modifications to its plan.

Mohegan expects a strong non-gaming element to drive visitation to the resort, as its casino revenue will be reliant solely on foreign visitation.