• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 1 June 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

CBRE: Positive EBITDA at Mohegan INSPIRE to take a few more quarters

Newsdesk by Newsdesk
Fri 25 Oct 2024 at 05:49
Korea’s Mohegan Inspire reports net revenues of US$101 million since opening, volumes on the rise

Mohegan INSPIRE

13
SHARES
333
VIEWS
Print Friendly, PDF & Email

Mohegan’s Korean integrated resort INSPIRE will likely take “a few more quarters” to achieve positive EBITDA, but sufficient liquidity means the Mohegan group will not need to provide any further financial support, according to CBRE Credit Research.

In a note following a Mohegan Investor Day this week, CBRE analysts Colin Mansfield and Connor Parks said the property’s ramp is tracking slightly better than they had initially expected, with lifetime revenue at US$168 million since the property opened last November. The casino launched later in early February.

Inside Asian Gaming also reported earlier this week on some KPIs released by Mohegan during the Investor Day, including a three-fold increase in casino visitation from 10,771 in February to 30,729 in August and hotel occupancy climbed from 58.3% to 89.7% over the same period.

Providing further color, CBRE said that hotel occupancy is “pacing above 80% for fiscal 4Q and table game performance is likely better than we initially modelled.

“That said, we think EBITDA will remain breakeven to slightly negative in fiscal 4Q as the property continues to ramp, marketing is adjusted, and property awareness builds.

“Public data from a local competitor (Paradise City) shows that total table drop over the last three months is up 10% quarter-on-quarter, supporting the notion that INSPIRE is growing the overall market. In addition, inbound visitation to Incheon Airport is still growing thanks to Japanese, Hong Kong, and Chinese tourists.

“We continue to believe that INSPIRE can generate US$150 million of mature EBITDA, with low 30% margins, which is in-line with other APAC gaming margins (ex-Macau and ex-Singapore).”

The analysts added that Mohegan may look at refinancing its debt facility in relation to INSPIRE but that such discussions would likely be out on hold until early to mid-2025. More pressing, they noted, is refinancing group level debts and specifically outstanding notes ahead of their 2026 maturity.

“We came away [from the Investor Day] with continued conviction that Mohegan will be able to execute a comprehensive refinancing of the entirety of its US$1.7 billion in restricted group debt in the near-term,” said Mansfield and Parks. “Management stated they expect the refinancing to be leverage-neutral, despite their intention for a lower quantum of debt longer-term.”

RelatedPosts

Kangwon Land GGR up 3.8% year-on-year on higher VIP play

Kangwon Land to support local SMEs in entering global slot machines and gaming technology market

Wed 28 May 2025 at 06:09
Mass gaming segment drives sequential revenue growth for Korea’s Kangwon Land in 3Q24

Kangwon Land granted permission to increase minimum bets on blackjack and poker

Wed 21 May 2025 at 05:52
Grand Korea Leisure books US$11.4 million profit in 1Q25 on higher casino sales, better margins

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

Wed 14 May 2025 at 06:26
Korea’s Paradise Co plays unlucky in April as casino revenue falls 13% to US$51 million

Korea’s Paradise Co reports higher casino sales in 1Q25 on strong hold, record mass drop

Tue 13 May 2025 at 06:20
Load More
Tags: CBREEbitdaIncheonintegrated resortMohegan InspireSouth Korea
Share5Share1
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lanka gazettes draft bill to establish Gambling Regulatory Authority

by Newsdesk
Sat 31 May 2025 at 06:03

A draft bill that would establish an official regulator for the Sri Lankan gaming industry, to be known as the Gambling Regulatory Authority, has taken another step forward after being gazetted. According to the Sri Lanka Mirror, the official announcement...

RGB International signs agreement to distribute KL Saberi and Atlas gaming machines

After record-breaking sales in 2024, Malaysia’s RGB sees 1Q25 profit fall to

by Newsdesk
Sat 31 May 2025 at 05:53

Malaysian gaming product distributor RGB International Bhd has reported group-wide revenue of MYR73.6 million (US$17.3 million) for the three months to 31 March 2025, down 65% year-on-year due to a lower number of products sold. The figure was also 79%...

Robert Goldstein to step aside as LVS Chairman and CEO from March 2026, replaced by Patrick Dumont

Robert Goldstein: Macau gaming market challenged by increased competition, online gambling and US-Sino trade war

by Ben Blaschke
Fri 30 May 2025 at 06:42

Las Vegas Sands (LVS) Chairman and CEO Robert Goldstein has bemoaned the lingering impact of the US-China trade war, as well as increased domestic and regional competition and the rise of online gambling across Asia for sustained flatness in the...

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

by Ben Blaschke
Fri 30 May 2025 at 05:38

Industry figures taking part in the Thai Entertainment Complex Roundtable (TECR) next Thursday 5 June hope to find common ground with those who oppose Thailand’s Entertainment Complex Bill, citing the opportunity to use an evidence-based approach to achieve outcomes that...



IAG

© 2005-2024
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

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English