The U.S. Mohegan Tribe Gaming Authority, which trades as Mohegan, confirmed that the Mohegan Inspire Entertainment Resort Plan (pictured with an artist’s impression) with a foreigner-only casino in South Korea is set to launch in late 2023.
The company explained in its Q3 earnings release deck that it had outstanding $620.1 million for the project, using a mix of credit and loans.
Two credit loans due at the end of November 2025 and nearly US$298.9 million in term loans due in June 2027 with 17.00% coupons.
The company said the hotel tower concrete structure near Incheon International Airport, South Korea’s main air travel gateway, was “under construction” on the property, which is in “various stages between 8 and 12.”
The Mohegan Inspire will have a total of 1,200 hotel rooms, a 15,000-seat arena, conference space, dining, shops and entertainment, an 24/7 “indoor water dome,” an outdoor family park and a foreigner-only casino.
The group, which has gaming operations in the U.S. and Canada, posted third-quarter net income of nearly $59.4 million, up 134.0% year-over-year.
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