S. Korea's integrated resort project in Incheon draws funding to finish construction

[Inspire Integrated Resort]

The project to create the biggest resort in the Northeast Asia near the air gateway of South Korea’s capital gained impetus to open in 2023 as planned after resolving the financial issue to finish the construction.

The Incheon Free Economic Zone said Monday that it has secured 1.8 trillion won ($1.5 billion) project financing for the first-stage development of Inspire Integrated Resort to be built on the International Business Zone 3 at the Incheon International Airport. It will construct a five-star hotel with more than 1,000 rooms, 15,000-capacity concert hall, indoor waterpark, shopping mall and casino at the first stage.

“As the project has successfully gained funding, it is expected to bring about 5.8 trillion won worth production inducement effect and create 1.8 trillion won worth added value,” said the agency.

The agency has been conducting a project to construct three resort complexes – Inspire, Paradise City and RFKR - on the site around the Incheon International Airport.

As part of the project, Paradise City opened in April in 2017, but the development of the remaining two resorts has been put on hold due to the difficulties of financing due to Covid-19 setback. The Ministry of Culture, Sports and Tourism in March extended the project deadline and eased conditions to draw funds.

“I’m glad that the project has secured funds despite concerns amid Covid-19,” said Incheon City Mayor Park Nam-chun. “We will continue to work hard to make Incheon one of the popular tourist cities by connecting Incheon’s tourism infrastructure with the resort complexes.”

[ㄏ Maeil Business Newspaper & mk.co.kr, All rights reserved]