Inspire Entertainment Resort in South Korea has appointed Sangwon Lee as its new chief transformation officer, with the role taking effect on Monday.
Inspire Entertainment Resort in Incheon, South Korea, has appointed Sangwon Lee as its chief transformation officer.
As reported by Chosun Biz, Lee’s background includes roles at McKinsey & Company, LG Electronics, and Serveone, where he worked on enhancing growth strategies and optimizing internal operational efficiency.
Lee holds a master’s degree in electrical engineering from Seoul National University and an MBA from Columbia University in the United States.
Throughout his career, he has collaborated with over 30 major corporations on mergers and acquisitions, business strategy, and operational system improvements. At Inspire South Korea, his role focuses on enhancing organizational efficiency and fostering collaboration to “strengthen competitiveness and promote sustainable growth.”
In search of a turnaround
In February 2024, Inspire opened as the first overseas project of Connecticut-based tribal operator Mohegan Gaming. The resort features a foreigners-only casino, 1,275 hotel rooms, a 15,000-seat arena, an indoor water park, and meeting facilities. Spanning 4.36 million square meters at Incheon International Airport, it boasts a prime location.
Valued at $1.6 billion, the property was planned to open in stages through 2046, with future additions including an outdoor entertainment park and other non-gaming attractions. At its grand opening, Inspire President Chen Si expressed hopes that the IR would transform Yeongjong Island into “a global tourism destination.”
However, without a strong base of gamblers—particularly high-spending Chinese VIPs—Inspire reported a KRW156.4 billion ($112 million) loss in its first year. Mohegan attributed the loss to high start-up expenses and low table hold, maintaining that the resort was built for “long-term success.”
That optimism was tested when Mohegan defaulted on a KRW383 billion loan, prompting lender Bain Capital to assume control of the property.
In May, the Korea Times highlighted a broader challenge for South Korean casinos: their heavy dependence on international visitors. Korean nationals can only gamble at one casino in the country—Kangwon Land.
The Times noted that Inspire was designed to be more than a foreigner-only gaming venue. It was envisioned as part of a national initiative to create a global tourism hub driven by the K-culture wave.
Lee to ‘strengthen global competitiveness’
As chief transformation officer, Lee will oversee strategic planning, data analytics, and IT initiatives aimed at boosting visitation to the resort, including its casino. CEO Chen Si expressed confidence in Lee, praising “his exceptional expertise and leadership” as a “significant turning point for Inspire’s growth.”
Si added, “Looking ahead, we will work closely with our new CTO to enhance our global competitiveness and drive continued growth and innovation.”
