Mohegan to focus on development of Incheon integrated resort

Mohegan Gaming & Entertainment remains committed to its Incheon IR project, Inspire Korea.

South Korea.- After Mohegan Gaming & Entertainment withdrew from the planned Inspire Athens casino resort project in Greece two months ago, it has said it will now focus on its planned IR in South Korea.

In April, Mohegan applied for a six-month delay to the agreed June 2022 opening date for its Incheon IR project. Inspire Korea is now likely to open in the first half of 2023 instead of the original date of June 2022.

Inspire Korea Casino Resort is expected to include 150 gaming tables, 700 electronic gaming machines, close to 1,250 hotel rooms, a 15,000-seat arena and a 19,000-square metre conference space. The company has approval to develop an outdoor theme park, where the group intends to incorporate sustainable development.

Mohegan to reduce debt/EBITDA by the end of year, analysts say

Moody’s Investors Service has reported that Mohegan Tribal Gaming Authority, the company which controls casino operator Mohegan Gaming and Entertainment, will reduce its ratio of debt-to-earnings before interest, taxation, depreciation and amortisation (EBITDA).

According to Moody’s, the casino operator still has “a high degree of financial risk”. 

Analysts stated: “This risk is compounded by our expectation that there will be continuous ongoing operational challenges and earnings and cash flow pressure from efforts to contain the coronavirus, and that there will be a slow recovery to pre-coronavirus volume.”