United States-based Mohegan Tribal Gaming Authority, trading as Mohegan, affirms it is on course for a late 2023 launch of its Mohegan Inspire Entertainment Resort scheme (pictured in an artist’s impression) with foreigner-only casino, in South Korea.
In its third-quarter earnings presentation deck, the company outlines it had US$620.1 million outstanding – via a mixture of credit and a loan – on the project.
Two tranches of credit mature in late November 2025, while a term loan of nearly US$298.9 million with a coupon of 17.00 percent, matures in June 2027.
The firm said “construction is progressing” on the property near Incheon International Airport, the main air travel gateway to South Korea, with its hotel-tower concrete structures at “various stages between levels eight and 12”.
Mohegan Inspire is to have three hotel towers totalling 1,200 hotel rooms; a 15,000-seat arena; conference space; dining, shops and entertainment; a year-round “indoor water dome”; an outdoor family park; and a foreigner-only casino.
The group, which has gaming business in the U.S. and Canada, saw its net income rise 134.0 percent year-on-year in the financial third quarter, to nearly US$59.4 million.
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”Momentum is expected to grow as mainland China recently reopened its borders, and this presents a substantial growth potential for us as historically a large portion of our clientele came from China”
Non-executive chairman of Donaco International