Moody’s is dashing KCC Corp’s dream of entering South Korea’s casino industry.

The chemicals maker announced early this week that it is entering a venture with Mohegan Sun to build a $5 billion integrated resort complex on Yeongjong Island. KCC decided to invest $176 million (KRW203 billion) for a 24.5 percent stake in the Connecticut-based casino operator’s Inspire Integrated Resort Co. Ltd., which plans to run the casino in the Incheon Free Economic Zone.

Mohegan Sun President Bobby Soper has already expressed his excitement over the new partnership, telling GGRAsia in an email that the two companies “are aligned in our values, as we both believe in the great importance of operating with transparency, integrity and commitment to the community.”

However, it’s still too early to pop the champagne corks.