Gambling in South Korea: Mohegan Inspire gaming table drop rises 181%
Mohegan Inspire’s table drop increased from US$30.3m in February to US$85.2m in August.
South Korea.- Mohegan Gaming & Entertainment (MGE) has reported that the mass-market and premium-mass gaming table drop at Mohegan Inspire Entertainment Resort was US$85.2m in August, up 181.2 per cent since the casino at the complex opened in February. The number of casino visits increased by 185.3 per cent from 10,771 to 30,729.
At an investor day event, COO Joseph Hasson said there was still significant untapped market potential for Mohegan Inspire. He said the player rewards database expanded by 143.5 per cent since the casino’s launch, from 38,216 in February to 93,075 in August. The hotel occupancy rate increased by 31.4 percentage points, from 58.3 per cent to 89.7 per cent.
As for non-gaming offerings, which were introduced last November, Hasson mentioned live musical performances at the resort’s 15,000-capacity arena, the indoor water park, and the fully developed shopping and dining options centred around the property’s ‘digital entertainment street’, which features content that changes every 15 minutes.
The group’s fiscal year runs to September 30. For the quarter ending on June 30, the casino operator posted net revenue of US$504.16m, up 9.2 per cent quarter-on-quarter and 21.4 per cent when compared to last year.
The company attributed the rise to the continued growth of Mohegan Digital and Mohegan Inspire which posted net revenue of US$60.1m. The venue recorded negative adjusted EBITDA of US$7.6m. The net slot win was US$2,513 and the net table win US$35,270. Hotel occupancy amounted to 70.8 per cent in the second quarter.
In September, the company announced the appointment of three new executives: Julie Heo as chief legal officer (CLO), Jane Jon as chief finance officer (CFO), and Yuna Kim as associate vice president (AVP) of Resort Sales. According to the company’s press release, the move increases diversity in its legal, finance, and sales operations.
