Ministry of Culture, Sports and Tourism grants permission to operate ‘Inspire’, first permit based on the Free Economic Zone Act. It is expected to create a Korean-style integrated resort model. (사진=문화체육관광부)
For the first time in 19 years, a casino facility exclusively for foreigners will be opened in Korea.
The Ministry of Culture, Sports and Tourism announced on the 24th that it has finally approved a foreigner-only casino operation at Inspire Integrated Resort on Yeongjong Island, Incheon.
This is the first new permit for a foreigner-only casino business in 19 years since 2005, and the first permit granted to foreign investors through the Free Economic Zone Act.
On the 19th, the review committee, comprised of 11 experts in each field, evaluated that Inspire met all relevant legal requirements for casino business licensing and implemented all integrated resort development plans submitted during the preliminary review.
Inspire is a corporation established in Korea and 100% invested by Mohegan, which operates eight integrated resorts around the world. In March 2016, it was selected for the integrated resort public offering plan promoted by the Ministry of Culture, Sports and Tourism and received notification of suitability for pre-screening, which is in the nature of a preliminary permit for a foreigner-only casino business.
Inspire developed an integrated resort by investing approximately $1.6 billion over seven years, including $695 million in foreign investment.
In addition, 2,333 people were hired by December 2023 and an additional 2,400 people will be hired by next month, which is expected to contribute to creating jobs in the tourism industry.
The Ministry of Culture, Sports and Tourism expects that the foreigner-only casino business permit for Inspire will serve as an opportunity to create a Korean-style integrated resort model and further increase the attractiveness and competitiveness of the Korean tourism industry.
Inspire built a complex resort on a 140,000-pyeong site in Incheon International Airport International Business District (IBC)-III, minimizing the casino-only business area to 4.1% of the total facility area.
Instead, the complex resort is equipped with a variety of tourism infrastructure, including a multi-purpose professional performance hall with 15,000 seats, 1,275 five-star hotel rooms, international conference facilities with international standards, a large indoor water park, a shopping mall, and restaurants.
An official from the Ministry of Culture, Sports and Tourism said, “Based on its geographical advantage of being adjacent to Incheon International Airport, Inspire is expected to be able to play its own role in the competition for development of complex resorts in East Asia, such as Japan and Singapore, by developing various tourism products linked to facilities within the complex resort.” said.
Reference: [출처] 대한민국 정책브리핑(www.korea.kr)