Mohegan Gaming & Entertainment, Mohegan Sun’s parent, has reached an “amicable” agreement to buy out its partner’s stake in a South Korea casino project, making it the sole owner of the $1.6 billion venture.

The agreement was reached in the quarter that ended March 31, MGE executives announced late last week during an earnings call with investors and gaming-industry analysts. Mario Kontomerkos, MGE’s chief executive officer, called the transaction “a very important step.”

A South Korean company had purchased a 24.5 percent stake in the project in 2015.

“We view our position in Korea as highly advantageous, as when we open we will be the only true integrated entertainment resort in Northern Asia — an enviable position given our proximity to Shanghai, Beijing, Seoul and Tokyo … some of the largest (metropolitan) areas in the world,” Kontomerkos said. “In aggregate they carry some of the most affluent, mobile and fastest-growing populations on the planet.”