Inside Asian Gaming

inside asian gaming FEBRUARY 2016 22 and sites at cruise terminals in the southern port cities of Yeosoo and Jinhae. In the event however, nearly all proposals submitted were for Yeongjiong or the neighboringmainland cruise terminal, with prospects of ocean borne tourists patronizing the others not considered attractive enough. “Seoul is still faraway the top tourism destination for Chinese. Feature In Focus “With a projected $5 billion to build out on 325 hectares over 20 years, the first phase of Mohegan Sun’s project, called “Inspire”, will include 1,200 suites in three luxury hotels, a 15,000 seat arena (billed as “one of the most spectacular entertainment venues in Asia”), 20,000 square meters of luxury retail and a unique “beauty and wellness hub” offering cosmetic surgery.” The Yeongjong sites are all 10 to 15 minutes away from its gateway airport,” explains Brian Lee, an analyst at brokerage and investment group CLSA. “Korea’s southern coast is not yet attractive to Chinese tourists, and has few other facilities for entertainment or sightseeing.” Unsurprisingly, then, the proposals of the four frontrunners that emerged during the autumn were all for Yeongjong. These bidders were seen as strong because of a credit rating of BBB or above, good connections within the Korean government and experience with big projects catering to Chinese. In addition to Bloomberry, one was state-owned Grand Korea Leisure, which now runs two casinos in Seoul and one in Busan under the “Seven Luck” brand. Another was the Chinese property developer Macrolink, which signed an agreement to partner up with the Incheon City Government. The fourth was Chow Tai Fook, a Hong Kong hotel, property and jewelry conglomerate that is building casinos in Australia and Vietnam. Yet by late November all four had dropped out, together with all but six of the original 34 applicants. And for the November 30 deadline, only two deposited the US$50 million guarantee required by MCST. What happened? For starters, four of the last six did not have the BBB rating demanded byMCST, and instead submitted investment guarantees by An artist’s rendition of Imperial Palace’s “Pacific Palace”