The Ministry of Culture, Sports and Tourism says it selected the special purpose company Inspire Integrated Resort(IR) to initiate an integrated resort project that includes a casino for foreigners on Yeongjong Island, west of Seoul.

The consortium is jointly led by U.S. casino operator Mohegan Sun and South Korean chemicals maker KCC Corporation.

The ministry said it chose Inspire IR as it has the investment capacity to push ahead with the project in a steady manner.

Estimated to involve a one-point-54 trillion won, or nearly one-and-a-quarter billion dollar investment, the resort will house a casino, a luxury hotel, theme park and shopping venues among other attractions on the island by 2019.

With hopes to help boost the nation's tourism industry, the integrated resort will be adding one more casino to Yeongjong in addition to two other casino resorts currently under construction.