Mohegan’s Inspire Korea expected to be cash flow positive by 2024

The foreigner-only casino and retail offerings are slated for an early 2024 opening.

South Korea.- The Inspire Entertainment Resort, which had a soft opening on November 30, is expected to be “cash flow positive” by the close of 2024, according to Jody Madigan, the chief operating officer of its promoter, Mohegan Tribal Gaming Authority. 

Speaking during the earnings call for the US group’s fourth-quarter fiscal results to September 30, Madigan reported encouraging post-opening foot traffic at the venue near Incheon International Airport., particularly on weekends.

Raymond Pineault, the chief executive of Mohegan Gaming, mentioned in his statement that despite having most of its business in the United States, the company was able to generate a total adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) of US$399.9m during fiscal-year 2023. 

He said this is the second-highest amount in the company’s 27-year history with the adjusted EBITDA for fiscal 2022 being the highest to date, at US$403.9m. Pineault said the company’s digital gaming segment is also seeing growth.

Mohegan Tribal Gaming Authority’s development has three hotel towers comprising 1,275 rooms, a 15,000-seat arena and an indoor water park called Splash Bay. The property also includes meetings, incentives, conferences, and exhibitions (MICE) facilities, signature restaurants, and a “digital entertainment street.” The foreigner-only casino and retail offerings are slated for an early 2024 opening.