South Korea’s Inspire Integrated Resort to Launch Casino Before CNY 2024

Summary:

• Inspire Entertainment Resort will open in Feb 2024 in time for the Chinese New Year
• The casino will only accept foreign customers
• Non-gaming will launch first in the fourth quarter of 2023

South Korea’s newest integrated resort, Inspire Entertainment Resort, is expected to open its gaming venue in 2024, in time for Chinese New Year (CNY).

This has been confirmed by Inspire President Chen Si who recently gave an update on the progress of the construction of the property.

Inspire Casino Set for 2024 Chinese New Year Launch

Mr. Si said the project is almost complete, with construction works likely to finish by September this year, making it on track to launch operations in the fourth quarter of 2023. As is usually the case with integrated resorts, non-gaming facilities will open first, according to Mr. Si. By the end of the year, all of its features and amenities will be operational, except for the casino, Si stated.

Under South Korean laws, the property must secure a five-star hotel rating first before it can obtain a gaming permit. Assuming the licensing process goes smoothly for Inspire, it will open its casino by the CNY holiday period in 2024 which begins on February 10, Si said.

Inspire’s gaming area, which will cater exclusively to foreign customers, will feature a total of 150 gaming tables and 700 slot machines. Mr. Si said they are targeting close to 50-50 revenue share between their gaming and non-gaming offerings, at least for the near future.

South Korea is home to more than a dozen casinos spread across the country, but only one is currently allowed to accept domestic players, the state-run Kangwon Land. Mr. Si said they respect existing restrictions on local gaming in the country and will not actively lobby for its legalization, though they would welcome any progress on this aspect.

Non-Gaming Facilities to Open in Q4 of 2023

Located on Yeongjong Island near Incheon International Airport, Inspire is owned by US-based casino operator Mohegan Tribal Gaming Authority. The development will feature a 5-star hotel with 1,275 rooms and suites, alongside a 15,000-seat multi-purpose arena. These and other non-gaming facilities are likely to open in the fourth quarter of 2023, according to Mr. Si.

The hotel will be the first to launch, probably by November, followed by the opening of the meeting and event center as well as the arena which are also scheduled in the same month.

The integrated resort will also include restaurants, shops, entertainment facilities, and an indoor water park and outdoor park.