Mohegan says it anticipates the potential market size for its new Korean integrated resort, Mohegan Inspire, to comprise 4.7 million “gaming trips” annually, including both inbound visitors and foreign residents or dual passport holders.
In an Investor Day presentation on Thursday, the US tribal casino operator said its forecast takes into account an estimated 13.5 million inbound visitors arriving in Seoul each year and their propensity to game, as well as the propensity to game of the city’s 1.5 million foreign residents and dual passport holders.
Specifically, Mohegan has calculated a total of 3.2 million gaming trips from 2024 by inbound visitors – comprising 1.8 million trips from mainland China 584,000 from Japan and 791,000 from the rest of the world based on propensity to gamble.
Another 1.5 million gaming trips would come from foreign residents living nearby, including 979,000 Chinese, 24,000 Japanese and 308,000 from the rest of the world., while there are 215,000 dual-passport Koreans accounted for in the market size calculations.
Mohegan does not claim that all of these “gaming trips” in Seoul would necessarily be to Inspire, given regional competition from Paradise City and other foreigner-only operations in Seoul.
However, it does put the total market value of these players at an estimated US$1.83 billion per year, of which US$1.24 billion is tipped to come from the premium direct segment and US$593 million from mass and premium mass.
According to the investor presentation, Mohegan Inspire will utilize its player development team and branch offices to target premium mass and premium direct players but also plans to “partner with large international junket firms to attract players and provide accompanying credit and collection procedures.”
In a further update, the company said development of the integrated resort in Incheon was now 97% complete and on track for its planned 4Q23 launch.
Once open it will offer three hotel towers with a combined 1,200 rooms, an arena, a foreigner-only casino, dining, retail, convention and entertainment options, a year-round indoor water dome experience and an outdoor family park.
Mohegan Inspire will become the second integrated resort to open in Incheon after Paradise City – the latter being a joint venture partnership between Korea’s Paradise Co and Japanese gaming firm Sega Sammy Holdings.
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