Mohegan Gaming and Entertainment has unveiled a new partnership regarding its South Korea development, which is to see a Paramount Pictures-branded theme park form part of “Northeast Asia’s largest IER expansion”.
Aligning itself with Paramount Pictures Corporation for its Inspire Integrated Entertainment Resort, the multi phase development in close proximity to Incheon Airport is slated to break ground in May of next year.
Official opening is pencilled in for 2022, with the Paramount branded theme park, featuring connecting entertainment and retail village, scheduled to open in 2025.
Kevin Suh, EVP of themed entertainment for Paramount, explained: “Paramount is proud to announce Korea as one of the first locations for a world-class Paramount branded theme park. Paramount looks forward to its partnership with Inspire, and to be part of one of the world’s premiere entertainment destinations at Inspire.”
“We are pleased to have the major global force in entertainment, Paramount, on our impressive and growing list of strategic partners for Project Inspire,” stated Mario Kontomerkos, chief executive officer for Mohegan Gaming and Entertainment. “Aligning with highly sought after and recognised brands with mutual goals is a key component to the creation of the world’s first true integrated entertainment resort.”
This follows MGE publishing its fourth quarter financial results for the period ending September 30, 2018, which saw declining figures aligned to series of impacts.
New revenue for the period came in at $347.2m, a 4.1 per cent decrease from $362m, gaming revenue dropped 5.2 per cent to $291.1m and adjusted EBITDA is reported as $94.5m, a 7.3 per cent decline from 2017’s $102m.
Kontomerkos commented: “Consistent with the company’s updated guidance, consolidated fourth quarter revenue and Adjusted EBITDA were below prior year results, in part due to the impact of a recent competitive opening in the Northeast gaming market.
“The declines in Connecticut were partially offset by stronger year-over-year EBITDA growth in Pennsylvania and in corporate. Overall results also reflect the initial implementation phases of our previously disclosed multi-year profit enhancement initiatives, initiatives which will continue for the foreseeable future.
“The fourth quarter was also notable for the company, as we were named the winning bidder to acquire certain assets associated with two significant destination casino resorts in Niagara Falls, Canada.
“Further, subsequent to quarter end, we made substantial progress advancing our development efforts in South Korea and also received approximately $107m in repayments as the result of a successful ilani refinancing.
“Together, these achievements diversify and strengthen our long-term revenue sources and credit profile, and ensure the continued long-term success of MGE.”