Mohegan’s Incheon IR development progressing as planned

Mohegan’s Inspire Korea IR development continues as planned and is expected to open in 2023.

South Korea.- Mohegan Gaming & Entertainment (MGE) has provided an update on the progress of work on its Incheon integrated resort, Inspire Korea. It says the development is advancing as scheduled to open in the first half of next year.

The company resumed work in February after completing financing last November. It said that the concrete structure work on the three hotel towers is now underway and that progress has been made on assembly of the steel structures for the public area, the prefabricated concrete sand structure and the construction of underground public services.

IInspire 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.

Mohegan reported on Thursday that revenue rose 28.7 per cent to $358.4m in the second quarter of fiscal 2022. It posted a net loss of $2.7m compared with $15.9m in the year-ago quarter. Adjusted EBITDA rose 7.4 per cent to $86.7m in the three months ended March.

CEO Raymond Pineault said: “Although visitation was somewhat impacted by the Omicron variant and poor weekend weather at our Northeast properties early in the quarter, the consolidated Adjusted EBITDA margin of 24.2 per cent was 234 basis points higher than the pre-COVID comparable fiscal 2019 quarter.”