South Korea’s Inspire Resort up for sale
Bain Capital seeks to sell the resort after taking control from Mohegan Gaming & Entertainment.
South Korea.- Korea’s largest casino complex for foreigners, Inspire Entertainment Resort, is on the market. The casino has been put up for sale by Bain Capital, the private equity firm that took over management of the resort’s holding company, MGE Korea Limited, in February. The Korean subsidiary of Mohegan Gaming & Entertainment lost management control after defaulting on loan conditions.
Inspire Entertainment Resort opened last year on Yeongjong Island near Incheon International Airport and has 1,275 rooms across three five-star hotel towers. It also features a convention centre, a glass-domed indoor water park and a 15,000-seat multipurpose arena.
In the sale notice, Bain Capital presented the property as a rare acquisition opportunity for a luxury resort with a casino licence. The sale will have an open market bidding process to determine the property’s fair market value and complete legal transfer procedures.
While Bain Capital initially aimed to acquire full ownership of the resort via a credit bid, the firm has stated that it will consider all offers from the open process. That may lead to two potential outcomes: Bain Capital gaining full ownership and control of the resort or a third-party buyer emerging as the new owner.
In its first fiscal year (October 2023 to September 2024), Inspire generated 219bn won ($157m) in revenue and an operating loss of 156.4bn won ($112.4m).
