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Mohegan Sun Pursuing $5B Casino In South Korea

Mohegan Tribal Gaming Authority Looks Beyond U.S.

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While a casino arms race is ongoing in the Northeast United States, the operator of Connecticut’s Mohegan Sun has partnered with an airport in South Korea in a pitch for a $5 billion casino in the country, according to Reuters.

The country will eventually award two new casino licenses.

Mohegan Sun and Incheon International Airport said the casino would be completed in 2040. An initial stage of the casino would be finished by 2020, however.

South Korea already has casinos, but most reportedly aren’t Las Vegas-style. In other words, they are small and limited. The new casinos would be more similar to ones in Las Vegas.

According to the report, Chinese tourists are flocking to South Korea in huge numbers. There was a 42-percent jump in tourism from mainland China year-over-over, the report said.

Macau, the only place in China where gambling is legal, has been in free fall this year. Gaming revenues have plummeted as the Chinese government has grown unhappy with what it perceives as corruption in the former Portuguese colony. Other gaming markets in the region are set to benefit from Macau’s gambling decline.

Over in Connecticut, Mohegan Sun and Foxwoods, the state’s only two casinos, are pushing for legislators to authorize up to three more casinos for them.