Mohegan’s Incheon IR development on track for 2023 launch

The company has recently reported a net loss of $8.3m for the second quarter of the year.
The company has recently reported a net loss of $8.3m for the second quarter of the year.

The company has added $73m to its previous allocation of funds for the IR development.

South Korea.- Mohegan Gaming & Entertainment (MGE) has provided an update on the progress of work on its Incheon integrated resort, Inspire Korea. It’s added $73m for the development of the IR.

According to Asian Gaming Brief, Mohegan’s Korean project facilities now stand at $618m. The Inspire Korea Credit Facility – Tranche A is now being revised from $183m to $229m, due on November 29, 2025, at a variable coupon rate of 5.40 per cent.

The other Inspire Korea credit facility – Part B – has been expanded from $74m to $93m, borrowed at a variable coupon rate of 7 per cent until November 29, 2025. MGE Korea’s term loan will be revised from $287m to $299m until June 24, 2027, at a coupon rate of 17 per cent.

Inspire Korea is expected to feature 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 IR is being developed in Yeongjong Island’s Free Economic Zone in Incheon, near Incheon International Airport, which is the main air gateway to South Korea.

In June, Mohegan signed a commercial agreement with Samsung Electronics and Hyundai Futurenet to supply LED digital signage systems and jointly invest and develop an immersive media art showroom at the resort.

The property is under construction The concrete structure work has been completed in various stages between levels 8-12, and the installation of the aluminium curtain wall has begun. A steel structure is being constructed at level 3 of the casino, convention centre, and central plants, and work on fireproofing and concrete is in progress.

Mohegan Gaming & Entertainment has recently shared its financial results for the second quarter of the year and reported a net loss of $8.3m. The company mainly attributed the loss to interest expenses related to the development of the integrated resort Inspire Korea.

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Inspire Korea