A consortium proposing the development of a casino-driven integrated resort on Yeongjongdo Island in Incheon has won the business license to do so, the Ministry of Culture, Sports and Tourism said Friday.

The island is where Incheon International Airport is located. Inspire Integrated Resort, a special purpose company, jointly set up by U.S.-based casino operator Mohegan Sun, Incheon Airport and KCC, a leading Korean construction materials maker, won the heated bid, the ministry added.

The company presented a plan to develop an integrated resort, including entertainment facilities, a foreigner-only casino, a convention center and a hotel, in the phase II district of the International Business Center, owned by Incheon Airport, by 2020. It will be investing about 1.5 trillion won ($1.21 billion) into the development. 

In a statement, Incheon Airport said the resort in Yeongjongdo will boost its regional hub airport vision by 2020. The airport has sought an international airport city development project, which includes the development of the first integrated resort under the name “Paradise City” in the phase I district of the IBC on Yeonggjongdo Island by 2017 as well as the construction of the second passenger terminal by 2018.

KCC, which entered the resort business for growth, is expected to take the role of attracting capital for the development, while Mohegan Sun leads the development project as a whole. 

By Seo Jee-yeon (jyseo@heraldcorp.com)