Facing delays in securing enough funds to complete ambitious gambling-friendly developments in South Korea.
The two are not drawing enough new support due to the ongoing coronavirus pandemic and "discord" with their existing partners on repaying outstanding debts, according to a report from the Inside Asian Games, which cited multiple local news outlets.
Las Vegas-based Caesars Entertainment Inc. has reportedly been forced to suspend its $700 million Caesars Korea development work from Feb. 11 due to heightened concerns over the coronavirus pandemic. The future of the Incheon Free Economic Zone (IFEZ) project was later reportedly complicated by the merger of smaller rivals El Dorado Resorts Inc. and Caesars Entertainment Inc. worth $17.3 billion.
According to reports, Tom Reg, the current CEO of the expanded company, declared in June last year that any international expansion for the operator would have to be tremendous for us to operate in that direction. The very next month, Caesars Entertainment Corporation announced that it was ready to invest an additional $60 million after completing its Yeongjongdo plan with about $80 million, and explained that the rest of the money was expected to come from outside.
Mohigan Gaming and Entertainment had originally planned to open the first phase of the $1.6 billion Inspire Korea integrated casino resort by the end of the next first quarter, but were reportedly hit by the coronavirus-induced suspension, the same as nearby Caesars Korea development. The substance of the U.S. federal-recognized Mohigan tribe is now hoping to welcome guests to the full completion of the 1,250-room project promised by his chief executive,
"The pandemic has shown us that diversification to the international stage is important to our ability to stand up for that generation, so the project in Korea is scheduled to begin in 2022."