Mohegan Reported That The Construction Of Inspire Korea Is Resuming

The American tribal casino operator Mohegan Gaming & Entertainment has announced that it has resumed construction of its South Korean integrated resort Inspire Korea after funding was completed at the end of last year.

As previously reported by Inside Asian Gaming, Mohegan confirmed the completion of financing in November with full aggregate financing of US$ 1.55 billion, including US$575 million in equity, a financial loan of 1.04 trillion won (US$890 million) raised through a three-Korean consortium — KB Securities, NH Investment & Securities and Hana Financial Investment — and 100 billion South Korean won (US$85.5 million) from the general contractor, Hanwha Engineering & amp; Construction Corp.

After the funding was completed, Inside Asian Gaming interviewed Bobby Soper, President of Mohegan Gaming and Entertainment International, in December 2021.

As part of the announcement of the overnight results for the three months to December 31, 2021, Mohegan said that Hanwha Engineering & Construction Corp had “remobilized and resumed construction work at the site,” including metal structures and construction of underground utilities, as well as infrastructure-related work such as utility networks and roads. to the website. There is also a purchase of large goods and goods with a long delivery time.

After receiving final funding in November, Mohegan said they hoped to open Inspire Korea in the first half of 2023.

It is planned that the development will include three hotel towers, an arena, a casino for foreigners only, restaurants, shops, conference halls and entertainment venues, a year-round indoor water dome and an outdoor family park.

It will be the second integrated resort opened in Incheon after Paradise City, which is a joint venture between Korean Paradise Co and Japanese gaming firm Sega Sammy Holdings.

During an overnight phone call with analysts, the company said that the resumption of construction “demonstrates MGE’s desire for growth and diversification.”

Mohegan, which operates seven casinos in the U.S. and Canada, reported a net loss of $11.7 million for the December quarter, compared with a loss of $26.6 million a year earlier. Net revenue increased by 74.2% to USD 402.0 million, and adjusted EBITDA increased by 140.8% to USD 97.4 million.

Source: Inside Asian Gaming

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