Mohegan Tribal Gaming Authority (MTGA), the US tribal casino operator currently developing integrated resort Mohegan Inspire in Incheon, South Korea, has said Thursday it has entered into a Third Amendment to a 2021 credit agreement, this time revealing a change of lender and new revolving facility.
The Third Amendment, which follows on from previous amendments in May 2021 and February 2023, sees Fifth Third Bank, National Association replace Bank of America, N.A. as Swingline Lender while also extending to MTGA a revolving line of credit of US$5 million.
The line of credit is to be used for “temporary borrowings from time-to-time”.
MGTA’s Second Amendment to the original credit agreement, announced in February, saw the company granted an extension to the maturity date of its commitments and loans under the facility until 1 November 2025.
Mohegan announced a week later that it had committed to contribute up to KRW185 billion (US$142 million) in additional funding to ensure completion of its Korean integrated resort project. Such funding was completed in September, with the IR schedule to open its non-gaming elements before the end of the year.
Once fully operational in 2024, Mohegan Inspire will boast three hotel towers with a combined 1,200 rooms, an arena, a foreigner-only casino, dining, retail, convention and entertainment options, a year-round indoor water dome experience and an outdoor family park.
It will also become the second integrated resort to open in Incheon after Paradise City – the latter being a joint venture partnership between Korea’s Paradise Co and Japanese gaming firm Sega Sammy Holdings.
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