Mohegan Sun to gamble in South Korea • 4:07 PM
Clark Schultz, SA News Editor
- Mohegan Sun is lining up an aggressive plan to build the largest casino in South Korea.
- The complex would be built on property adjacent to the Seoul Incheon Airport and include a hotel and amusement park.
- Mohegan's interest in South Korea comes after it was shut out of Boston and facing more competition from regional casinos in Pennsylvania, Massachusetts, and New York.
- It would also be a $1.6B bet in a region where gambling is illegal except for foreign visitors.
- The government in South Korea will grant a single gaming license sometime this year.
- The slide in Macau revenue over the last year amid a crackdown from Beijing has increased the focus on new establishing new gambling hotspots in Singapore, Indonesia, and perhaps even Japan.
- Related stocks: Wynn Macau (OTCPK:WYNMF, OTCPK:WYNMY, WYNN), Sands China (OTCPK:SCHYY, OTCPK:SCHYF, LVS), MGM China (OTCPK:MCHVF, OTCPK:MCHVY, MGM), Melco Crown (NASDAQ:MPEL), Galaxy Entertainment (OTCPK:GXYEF), SJM Holdings (OTCPK:SJMHF, OTCPK:SJMHY).