Inspire Entertainment Resort, a leisure complex with foreigner-only casino at Incheon in South Korea, has affirmed to GGRAsia it is working on operational ramp-up and “revenue growth”.
The comment was in response to GGRAsia’s enquiry about a reportedly recently-completed KRW1.27 trillion (US$861.44 million) refinancing for the venue.
The property was developed by United States-based Mohegan Tribal Gaming Authority, with control passing to private investment firm Bain Capital in the early part of this year. Inspire’s first phase launched in November 2023 with non-gaming facilities, and the foreigner-only casino opened in February 2024.
The refinancing exercise was outlined in a recent report in South Korean media outlet Maeil Business Newspaper.
The property’s representative said in an emailed statement in response to GGRAsia’s enquiry relating to the refinancing: “We foresee establishing a virtuous performance and revenue growth.”
It added this would be via steps including: “Continuously enhancing the competitiveness of our integrated entertainment divisions such as the arena, year-round indoor water park, retail mall, hotel, and MICE.” The latter was a reference to meetings, incentives, conferences and exhibitions (MICE) business.
Those things combined, would “drive stays and spending at the resort, while accelerating the overall casino growth and improving customer experiences,” added the representative.
Maeil Business Newspaper had said – citing what it termed industry sources – that an existing project financing loan of KRW1.04 trillion for Inspire – issued in November 2021 – had been replaced by a secured loan, with borrowing capacity also expanded.
A syndicate of lenders for the casino resort’s refinancing exercise reportedly included KB Kookmin Bank, KB Securities, Korea Investment & Securities, and Leading Investment & Securities Co Ltd.
Hanwha Group pledged to provide “interest coverage support” until the loan matures, reported Maeil Business Newspaper.
Hanwha group, one of South Korea’s largest conglomerates, has been the main contractor for the Inspire Entertainment Resort project.
The media outlet also reported that privately-held Inspire Entertainment Resort had seen its earnings before interest, taxation, depreciation and amortisation (EBITDA) turn positive in the fiscal year 2025, a period that spanned from October 2024 to September this year, as compared to the previous fiscal year.
