South Korea gives casino license to Mohegan-KCC consortium

“We are pleased with the Korean Government’s decision to award us the opportunity to help fulfill their vision of driving economic development by growing tourism, creating jobs and showcasing Korean culture via the integrated resort,” said Bobby Soper, President of MTGA following the decision.

"KCC is thrilled that its partnership with the Mohegan Tribal Gaming Authority has been awarded the opportunity to develop this exciting and transformative integrated resort which will be instrumental in bringing new generations of tourists to Incheon," said KCC Chairman Chung Mong-Jin.

Mr. Chung Il-young, CEO of the Incheon International Airport Corporation noted, "We deeply appreciate the careful review that the Korean Government has conducted on this bold new initiative for tourism in Korea. It's selection of the Inspire project at IBC-II is wonderful news for the Incheon region and will serve as a catalyst for growth in the airport development zone for years to come."

Mohegan Sun’s multi-phase development project named Project Inspire is expected to include, but not be limited to the following features:

• —Three-tower luxury hotel complex with 1,350 five star and six start guest rooms.
• —Over 20,000 square meters of the most sought after luxury retail brands in the world and over 20 food and beverage concepts.
• —A 4,500 sq meters Korean cosmetics and beauty hub, promoting Korea's dominance in Asia in this area.
• —The largest entertainment arena in South Korea with capacity for up to 15,000 attendants for Class-A acts, cultural and arena sport events that have become synonymous with Mohegan Sun properties.
• —A Paramount Studios Themed Indoor-Outdoor amusement park with 100,000 sq. meters of the latest high-tech amusement rides.
• —A 33,000 square meter Eco Adventure Park featuring the latest in indoor rock climbing, zip lining, an indoor rainforest, and an archaeology experience.
• —A 20,000 square meter casino with 250 tables and 1,500 slot machines.
• —The first and only destination resort in the world with an adjacent private air terminal (FBO).

Phase I of Project Inspire is estimated at US$1.6 billion, with a commitment total of US$5 billion over multiple phases.

Mohegan Sun is joined by Miura Holdings Asia, a multipurpose investment vehicle focused on gaming, hotel, and food and beverage activities in the United States and Asia, as part of the development team. Consummation of the conceptual agreement and development of the project is subject to certain governmental and regulatory approvals.