U.S. tribal casino operator Mohegan Gaming & Entertainment has gained full control of its casino project in South Korea after buying out its local partner.
The casino operator, also known as Mohegan Sun, announced on Thursday that it has “amicably” reached a deal with its South Korean partner for the acquisition of the latter’s stake in Project Inspire, thereby bringing the tribe’s ownership in the project to 100 percent.
The tribe’s decision to buy out its partner was driven by its desire to expand further in Asia, which it considered as “the world’s fastest-growing major gaming and entertainment market.” While Mohegan Sun didn’t mention any names, there were speculations that the supposed partner that the tribal casino operator was referring to was South Korean chemicals manufacturer KCC Corp.
It would be recalled that Mohegan Sun signed a deal with the Incheon International Airport Corp. (IIAC) in connection with the construction of the Inspire Integrated Resort Co. Ltd. The casino project is a consortium involving Mohegan Sun, IIAC and KCC Corp.