• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 6 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Mohegan to complete funding for Korean integrated resort INSPIRE by September

Ben Blaschke by Ben Blaschke
Fri 12 May 2023 at 06:27
Mohegan to complete funding for Korean integrated resort INSPIRE by September

Mohegan INSPIRE in Incheon, Korea

37
SHARES
914
VIEWS
Print Friendly, PDF & Email

The Mohegan Tribal Gaming Authority has told industry analysts it expects to complete almost all funding for its US$1.6 billion Korean integrated resort project, Mohegan INSPIRE, by the end of the September quarter.

The company also confirmed that development remains on track for a soft-opening of non-gaming amenities by the end of the year, with the casino pegged to open in early 2024.

Providing an update during the company’s earnings call for the March 2023 quarter, Mohegan’s Chief Financial Officer, Carol Anderson, confirmed there is around US$91 million in additional investment required from now until completion with the company having kicked in around US$28 million between January and March.

“As previously announced, we agreed to make additional investments of up to KRW155 billion or US$119 million to fund costs to complete Mohegan Inspire, of which approximately KRW36 billion or US$28 million was contributed in the March 2023 quarter,” Anderson said.

“The remainder of that we anticipate will be funded through the remainder of this fiscal year, so through 30 September 2023.”

Thus funding, Anderson said, comprised almost all costs including “construction as well as additional support for pre-opening,” such as staffing and marketing costs. The remaining funding, she added, would come from a combination of cash and drawdown from Mohegan’s revolving credit facility.

Asked if he was confident in Mohegan staying on budget and completing its funding commitments to the Korea project, Mohegan President and CEO Ray Pineault said, “I just came back from Korea [and] the progress they made last month was tremendous – I’m very confident that in the fourth quarter of this calendar year we’ll be able to open the non-gaming portions of the resort.

Development of Mohegan INSPIRE is more than 70% complete.

“The casino license itself is subject to some conditions following the opening of the non-gaming amenities to be able to do that. I am highly confident we will be able to do that. We are over 98% bought out on the project (procurement of major trades and long-lead items) and over 70% complete [on development] into May, so the budget itself is coming into sharper focus and we accent any major changes. We do not anticipate any additional equity injections over those we have already disclosed.”

When complete, Phase 1 of Mohegan INSPIRE will incorporate a foreigner-only casino, three hotel towers with a combined 1,200 rooms, a 15,000-seat arena and convention space plus dining, retail, a year-round indoor water dome experience and an outdoor family park.

Mohegan said the size and scale of Mohegan INSPIRE will be comparable to its US flagship, Mohegan Sun, in Connecticut.

RelatedPosts

10 Years Ago: The Star war

NSW casinos given two-year reprieve on plan to lower daily cash limit to AU$1,000

Wed 6 Aug 2025 at 05:21
Grand Korea Leisure books US$11.4 million profit in 1Q25 on higher casino sales, better margins

Casino revenue at Grand Korea Leisure up 12% month-on-month to US$28 million in July

Wed 6 Aug 2025 at 05:03
First auction of Imperial Pacific gaming equipment postponed

IPI’s abandoned Saipan hotel and casino building shows signs of wear and tear but no immediate danger ahead of planned sale

Tue 5 Aug 2025 at 05:34
Casino revenue at Korea’s Paradise Co up 23% year-on-year to US$55 million in July, slightly down sequentially

Casino revenue at Korea’s Paradise Co up 23% year-on-year to US$55 million in July, slightly down sequentially

Tue 5 Aug 2025 at 05:14
Load More
Tags: casinoIncheonintegrated resortMoheganMohegan InspireSouth Korea
Share15Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

10 Years Ago: The Star war

NSW casinos given two-year reprieve on plan to lower daily cash limit to AU$1,000

by Ben Blaschke
Wed 6 Aug 2025 at 05:21

The NSW state government has postponed by two years a plan to lower the daily cash limit for casino customers from AU$5,000 (US$3,235) to AU$1,000 (US$647) by two years. The new limit – representing the amount of raw cash each...

Grand Korea Leisure books US$11.4 million profit in 1Q25 on higher casino sales, better margins

Casino revenue at Grand Korea Leisure up 12% month-on-month to US$28 million in July

by Newsdesk
Wed 6 Aug 2025 at 05:03

Foreigner-only casino operator Grand Korea Leisure (GKL) continued its recent surge in July, with casino revenue more than doubling year-on-year to KRW39.0 billion (US$28.1 million), also representing a 12.0% improvement over June. The solid numbers echo similar growth being experienced...

Zitro reduced amount of non-recyclable waste produced by 73% in just two years

Zitro reduced amount of non-recyclable waste produced by 73% in just two years

by Newsdesk
Wed 6 Aug 2025 at 04:51

Spanish gaming supplier Zitro has revealed it reduced the amount of non-recyclable waste it produced in 2024 by 73% compared to its baseline year of 2022. The achievement, it said, marks significant progress in its environmental strategy and commitment to...

SABA Intelligence: Real-Time risk control for smarter sportsbook operations

SABA Intelligence: Real-Time risk control for smarter sportsbook operations

by Newsdesk
Wed 6 Aug 2025 at 04:49

CLIENT PROMOTION SABA Sports reinforces its commitment to smarter sportsbook operations with SABA Intelligence – a real-time, AI-powered risk management suite designed to help operators detect anomalies, control risk and protect margins with speed and precision. SABA Intelligence combines continuous...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English