American tribal casino operator Mohegan Gaming & Entertainment said it had resumed construction on its South Korean integrated resort, Inspire Korea, after completing funding late last year.
As previously reported by Inside Asian Gaming, Mohegan confirmed the completion of funding in November with a total aggregate funding of $1.55 billion, including $575 million in equity, a 1.04 trillion won ($890 million) financial loan ), attracted through a tri-Korean consortium – KB Securities, NH Investment & Securities and Hana Financial Investment – and 100 billion South Korean won ($85.5 million) from the general contractor, Hanwha Engineering & Construction Corp.
Following funding completion, Inside Asian Gaming interviewed Bobby Soper, President of Mohegan Gaming and Entertainment International, in December 2021.
As part of the overnight results announcement for the three months to December 31, 2021, Mohegan revealed that Hanwha Engineering & Construction Corp “remobilized and resumed site construction work,” including structural steel and underground utilities, as well as infrastructure-related work such as utilities 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 hope to open Inspire Korea in the first half of 2023.
The development is planned to include three hotel towers, an arena, a foreigners-only casino, restaurants, shops, conference and entertainment facilities, a year-round indoor water dome and an outdoor family park.
It will be the second integrated resort to open in Incheon after Paradise City, which is a joint venture between Korea's Paradise Co and Japanese game firm Sega Sammy Holdings.
In an overnight call with analysts, the company said the resumption of construction “demonstrates MGE's commitment to growth and diversification.”
Mohegan, which operates a family of casinos in the US and Canada, said of a net loss of $11.7 million for the December quarter, compared to a loss of $26.6 million a year earlier. Net revenue rose 74.2% to $402.0 million, while Adjusted EBITDA rose 140.8% to $97.4 million.
Source: Inside Asian Gaming