{"id":777024300,"date":"2025-03-20T10:10:44","date_gmt":"2025-03-20T13:10:44","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777024300"},"modified":"2026-04-22T00:38:01","modified_gmt":"2026-04-22T03:38:01","slug":"bain-capitals-korean-casino-takeover-wont-harm-mohegans-credit-rating-fitch-says","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/bain-capitals-korean-casino-takeover-wont-harm-mohegans-credit-rating-fitch-says","title":{"rendered":"Bain Capital’s Korean casino takeover won’t harm Mohegan’s credit rating, Fitch says"},"content":{"rendered":"\n

The ratings agency has assigned a B rating to the Mohegan Tribal Gaming Authority.<\/p>\n\n\n\n\n\n\n\n

South Korea.- Fitch Ratings <\/strong>has concluded that the credit rating of Mohegan Tribal Gaming Authority (MTGA) should not be significantly affected by Bain Capital taking control<\/a> of the South Korean casino resort\u00a0Mohegan Inspire<\/strong>. The ratings agency noted that there were no cross defaults and that MTGA is no longer involved with the Korean credit facility.<\/p>\n\n\n\n

Fitch assigned MTGA a first-time B long-term rating with a stable outlook after MTGA announced plans to issue two senior secured notes each totalling US$600m, one due in 2030 and other due in 2031. The casino operator plans to secure a new senior credit facility of at least US$250m either before or at the same time as the bond issuance.<\/p>\n\n\n\n

Bain Capital\u00a0<\/strong>took operational control of\u00a0Mohegan Inspire after MGE defaulted on US$275m in loans used to finance the integrated resort (IR).\u00a0The casino held a soft opening on November 30, 2023 and a\u00a0full opening last March<\/a>. It has over 150 table games, 390 slot machines, and 160 electronic table games (ETG). It has a floor for VIP guests featuring a Guandong-style restaurant.<\/p>\n\n\n

\n
\"Photo
Mohegan Inspire held a soft opening on November 30, 2023 and a grand opening last March.<\/figcaption><\/figure>\n<\/div>\n\n\n

For the first quarter of the financial year 2024\/2025, MGE\u00a0posted\u00a0net revenue of US$498.9m<\/strong>, up 17.3 per cent year-on-year. Group-wide EBITDA reached US$85.1m, a rise of 7.6 per cent. The company attributed the growth in revenue to a strong quarter at Mohegan Sun in the US and continued growth from Mohegan Digital.\u00a0Mohegan Inspire<\/strong>\u00a0posted net revenue of US$63.52m compared with US$5.1m a year earlier before the casino at the complex opened. The venue recorded negative adjusted EBITDA of US$4.19m, an improvement on the US$10.9m EBITDA loss recorded in the prior-year period.<\/p>\n","protected":false},"excerpt":{"rendered":"

The ratings agency has assigned a B rating to the Mohegan Tribal Gaming Authority.<\/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":"Fitch Ratings has assigned a B long-term rating with a stable outlook to Mohegan Tribal Gaming Authority (MTGA) following its plans to issue US$1.2bn in senior secured notes and secure a new credit facility. This rating reflects the separation of MTGA's credit from Mohegan Inspire, which is now under Bain Capital's operational control after MGE defaulted on financing loans. The article details recent financial performance, including Mohegan Inspire's initial revenue post-opening and MGE's overall Q1 FY24\/25 results.","focusai_entities":"Fitch Ratings, Mohegan Tribal Gaming Authority, Bain Capital, Mohegan Inspire, MGE, Mohegan Sun, Mohegan Digital","focusai_location":"South Korea, US","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"MTGA Debt Strategy","query":"What are the specific implications of MTGA's US$1.2bn senior secured notes issuance and new credit facility on its overall capital structure and future growth initiatives, particularly given the separation from Mohegan Inspire's credit facility?"},{"label":"Mohegan Inspire Outlook","query":"How will Bain Capital's operational control and the financial performance of Mohegan Inspire, including its current negative adjusted EBITDA, influence its long-term viability and competitive positioning within the South Korean integrated resort market?"}],"footnotes":""},"categories":[16338,163],"tags":[24132],"class_list":["post-777024300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-mohegan-gaming-entertainment"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777024300","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=777024300"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777024300\/revisions"}],"predecessor-version":[{"id":777024318,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777024300\/revisions\/777024318"}],"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=777024300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777024300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777024300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}