Incheon International Airport Corp. CEO Chung Il-young, left, and Kang Yeon-sup, representative director of Inspire Integrated Resort, pose after signing an agreement to build an integrated resort on Yeongjong Island by 2020, at the Westin Chosun Seoul hotel in downtown Seoul, Monday.  Incheon International Airport Corp. (IIAC) signed an agreement with Inspire Integrated Resorts, Monday, to build an integrated resort on Yeongjong Island.

Inspire Integrated Resort, a consortium of the U.S. casino operator Mohegan Tribal Gaming Authority (MTGA) and Korean chemicals maker KCC, will invest a total of $5 billion (5.5 trillion won) on a 2.6 square kilometer site in the International Business Center zone near the airport and proceed with the multi-stage development project.

The design for the resort will be completed by the latter half of next year. The construction will be completed by 2019 for scheduled operation in 2020. The IIAC will lease the site to the resort operator for 50 years.

"IIAC will develop an area where an integrated resort, logistics complex, hotels and an aviation training center are clustered, creating a synergy-effect," IIAC CEO Chung Il-young said at the signing ceremony at the Westin Chosun Seoul hotel in downtown Seoul.

He said the center will generate tremendous economic value by increasing air passengers, contributing to industry development and creating jobs.

"We hope the Inspire Integrated Resort development will become Korea's representative landmark tourism facility, so that Incheon airport can develop into a center of aviation, tourism and culture in Northeast Asia."

In the first stage of the development, the consortium will invest 1.8 trillion won to build accommodation facilities with a luxury six-star hotel and a family hotel having 1,350 rooms. It will also set up a 15,000-seat performance area, various theme parks including the Paramount movie park, a convention hall, restaurants collaborating with world-renowned chefs and a foreigner-only casino.

The development project is forecast to create 150,000 jobs mainly in the services sector and generate some 6 trillion won in tourism revenue annually. In addition, around 10 trillion won in tax revenue is expected over the next 30 years, contributing to the development of not only the regional economy but that of the country as a whole, according to the IIAC.  The IIAC expects the integrated resort to attract around 3 million passengers in its first year of operation.

"Inspire Integrated Resort will be a world-class integrated entertainment resort, which brings together Korea's culture spanning from hallyu to sports and the U.S.'s advanced operation know-how of the entertainment industry," said Kang Yeon-sup, a director of Inspire Integrated Resort.

The development project is part of the government's plans drawn up in January 2015 to boost the economy and establish tourism infrastructure. The government selected Inspire Integrated Resort as successful bidders in February.  MTGA is a casino operator established by the Native American Mohegan Tribe. This will be the group's first foreign investment.