{"id":777002749,"date":"2023-02-24T08:12:46","date_gmt":"2023-02-24T11:12:46","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777002749"},"modified":"2026-04-23T00:20:35","modified_gmt":"2026-04-23T03:20:35","slug":"mohegan-agrees-to-invest-up-to-us142m-more-to-complete-incheon-ir","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/mohegan-agrees-to-invest-up-to-us142m-more-to-complete-incheon-ir","title":{"rendered":"Mohegan agrees to invest up to US$142m more to complete Incheon IR"},"content":{"rendered":"\n

The Mohegan Tribal Gaming Authority had agreed to make non-dilutive equity capital contributions to Inspire Korea to ensure completion of the project.<\/p>\n\n\n\n\n\n\n\n

South Korea.- Mohegan Tribal Gaming Authority <\/strong>has announced its commitment to completing the development of Inspire Korea, its integrated resort in Incheon, ahead of schedule. The company has agreed to invest up to KRW 185bn (US$142m) in additional funds.<\/p>\n\n\n\n

The company said it will make certain non-dilutive equity capital contributions to Inspire as needed to complete the project. It also agreed to make contributions if needed to cover pre-opening expenses if costs exceed budgeted amounts and contingency funds.<\/p>\n\n\n\n

The company has entered into a waiver and consent letter with its mezzanine lenders, under which the lenders “agreed to consent to certain amendments” to the casino development plan.<\/p>\n\n\n\n

Earlier this month, Ray Pineault<\/strong>, chief executive and president of Mohegan, said that construction of the integrated resort<\/a> in Incheon was ahead of schedule.  He said the project was 45.3 per cent complete<\/strong> and 4.5 per cent ahead of schedule, with non-gaming facilities to open in the latter part of 2023, followed by the casino upon licensing. <\/p>\n\n\n\n

The IR is being developed in Yeongjong Island\u2019s Free Economic Zone near Incheon International Airport. It\u2019s expected to feature 150 gaming tables<\/strong>, 700 electronic gaming machines, three five-star hotels with close to 1,250 hotel rooms and a 19,000-square metre conference space.<\/p>\n\n\n\n

In January, Mohegan Tribal Gaming Authority<\/strong> signed a funding agreement<\/a> with Hanwha Corp<\/strong>, one of South Korea\u2019s largest conglomerates for the Inspire Entertainment Resort for a subordinated investment of approximately US$80m in non-registered, non-guaranteed junior convertible bonds.<\/p>\n\n\n\n

The financing was to be split into two tranches of approximately US$40m<\/strong>, the first to be funded on December 30, 2022. The second tranche of US$40m must be funded on or before March 30, 2023. The venue aims to attract 4 million guests per year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Mohegan Tribal Gaming Authority had agreed to make non-dilutive equity capital contributions to Inspire Korea to ensure completion of the project.<\/p>\n","protected":false},"author":176,"featured_media":16790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Mohegan Tribal Gaming Authority has committed an additional KRW 185bn (US$142m) in non-dilutive equity capital to accelerate the completion of its Inspire Korea integrated resort in Incheon, South Korea. This investment, alongside a prior US$80m subordinated financing from Hanwha Corp, ensures the project remains ahead of schedule, with non-gaming facilities slated for late 2023 opening and the casino pending licensing. The move underscores Mohegan's strategic focus on its international IR development pipeline and capital allocation.","focusai_entities":"Mohegan Tribal Gaming Authority, Inspire Korea, Ray Pineault, Hanwha Corp","focusai_location":"South Korea, Incheon, Yeongjong Island","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), compliance_legal (0.7), operator_casino (0.9), marketing_crm (0.7), investor_analyst (0.95), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Capital Structure Impact","query":"How will the additional non-dilutive equity contributions and the subordinated Hanwha Corp financing impact Mohegan's overall debt-to-equity ratio and future capital raising capabilities for its global development pipeline?"},{"label":"Regulatory Timeline","query":"What specific regulatory milestones and B2C licensing requirements remain for Inspire Korea's casino vertical, and what is the projected timeline for their approval following the non-gaming facilities' Q4 2023 opening?"}],"footnotes":""},"categories":[157,16338,158],"tags":[24132],"class_list":["post-777002749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","category-slider-home","tag-mohegan-gaming-entertainment"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777002749"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002749\/revisions"}],"predecessor-version":[{"id":777002781,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002749\/revisions\/777002781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16790"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777002749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777002749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777002749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}