Stage 1 Construction Main Contract... Worth 1.8 Trillion KRW
Hanwha Engineering & Construction announced on the 1st that it has signed the main contract for the first phase of construction of the 'Inspire Complex Resort,' which will be the largest in Northeast Asia, in Incheon Yeongjong International City, with Inspire Integrated Resort Co., Ltd. (hereinafter Inspire).
The Inspire Complex Resort is a project to develop the largest complex resort in Northeast Asia in four phases on a site of approximately 4.3 million square meters in the third international business district west of Terminal 2 at Incheon Airport.
As a core project of Yeongjongdo's complex resort agglomeration strategy promoted by Incheon City, about KRW 1.8 trillion will be invested in the first phase of construction, for which Hanwha Engineering & Construction has signed the main contract, and it is scheduled to open in 2023. The first phase will include three 5-star hotels with over 1,000 rooms, a multipurpose arena (performance hall) with 15,000 seats (the largest scale in Korea), convention facilities, an indoor water park, a family park, a casino exclusively for foreigners, and commercial facilities.
Hanwha Engineering & Construction had previously started the first phase of construction through a preliminary contract in 2019, and this main contract was signed after Inspire successfully completed financing of about KRW 1.8 trillion in mid-November this year. With the resolution of financing issues, the project is expected to accelerate.
As the construction of the Inspire Complex Resort accelerates, positive effects on the economic revitalization of Incheon and Yeongjongdo are also expected. According to Inspire, the project is predicted to generate about KRW 5.8 trillion in production inducement effects and about KRW 1.8 trillion in added value inducement effects.
Inspire's parent company, MGE (Mohegan Gaming & Entertainment), the largest complex resort operating group on the U.S. East Coast, plans to operate the Inspire Complex Resort as a global-level complex entertainment resort.
At the contract signing ceremony, Bobby Soper, Head of Overseas Business at MGE, said, "This main contract signing will be a turning point accelerating the construction of the Inspire Complex Resort," and added, "We expect the Inspire Complex Resort to become a world-class landmark through Hanwha Engineering & Construction's diverse construction experience and technological capabilities."
Choi Kwang-ho, Vice Chairman of Hanwha Engineering & Construction, said, "We will do our best to contribute not only to the economic revitalization of the Incheon region but also to the development of the national tourism industry."
Meanwhile, Hanwha Engineering & Construction has successfully completed the Philippine Arena, the world's largest dome performance hall with about 51,000 seats, and is currently undertaking the approximately KRW 2 trillion northern Seoul Station area complex development and the approximately KRW 1 trillion Daejeon Station area development projects. In particular, this year, it has secured the approximately KRW 1.2 trillion Suseo Station transfer center complex development project, achieving results in large-scale complex development projects worth trillions of won.
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