The company attributed the loss to interest expenses related to Inspire Korea.<\/p>\n\n\n\n\n\n\n\n
South Korea.-\u00a0Mohegan Gaming & Entertainment (MGE)\u00a0<\/strong>has shared its financial results for the second quarter of the year. It’s reported\u00a0a net loss of $8.3m<\/strong>. The company mainly attributed the loss to interest expenses related to the development of the integrated resort Inspire Korea.<\/p>\n\n\n\n Mohegan was granted a $545m credit facility for the South Korean project. Of that, $183m was borrowed at a variable coupon rate of 5.40 per cent until November 29, 2025. Another Inspire Korea line of credit \u2013 $74m \u2013 was borrowed at a variable coupon rate of 7 per cent until November 29, 2025.<\/p>\n\n\n\n The company was also granted a loan of $287m available at a fixed coupon of 17 per cent through June 24, 2027.<\/p>\n\n\n\n Inspire Korea<\/a>\u00a0is expected to feature\u00a0150 gaming tables<\/strong>, 700 electronic gaming machines, close to 1,250 hotel rooms, a 15,000-seat arena and\u00a0a 19,000-square metre conference<\/strong>\u00a0space. The company\u00a0resumed work in February<\/a>\u00a0after completing financing last November. It’s expected to open in 2023.<\/p>\n\n\n\n James Gessner Jr, chairman of The Mohegan Tribe and MGE Management Board, stated last November: \u201cWe have a proven track record in developing and operating leading integrated entertainment resorts. We look forward to taking this success abroad as the first American IR launched in Korea.\u201d<\/p>\n\n\n\n The IR is being developed in Yeongjong Island\u2019s Free Economic Zone in Incheon.\u00a0In June, Mohegan signed a commercial agreement with Samsung Electronics and Hyundai Futurenet\u00a0to supply LED digital signage systems and jointly invest and develop an immersive media art showroom at the resort.<\/p>\n\n\n\n The property also has a strategic retail development partnership agreement with South Korea’s Luxury Business Institute in order to attract lifestyle and luxury boutiques and launch a differentiated retail platform that will provide domestic and foreign tourists and casino customers with a combination of tourism, shopping and entertainment services.<\/p>\n\n\n\n Authorities have announced that visitors with travel documents issued by Japan, Taiwan or Macau will be granted visa-free entry to the country. According to Yonhap News Agency, travellers must apply online for permission<\/strong> to enter through the Korea Electronic Travel Authorization website at least 72 hours before their return flight.<\/p>\n\n\n\n In 2021, South Korean casino revenue<\/a> was <\/strong>KRW1.18tn (US$975.39m), compared to KRW1.04tn in 2020. However, the growth was mainly attributed to Kangwon Land<\/a>, the only casino in South Korea open to locals. Due to the Covid-19 pandemic, the number of arrivals in South Korea was 212,767 in 2020 and 48,278 in 2021.<\/p>\n\n\n\nSouth Korea to allow visa-free entry from Japan, Taiwan and Macau<\/h2>\n\n\n\n