• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Mohegan pledges up to US$142mln more for S.Korea project

Feb 24, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  


Mohegan pledges up to US$142mln more for S.Korea project

United States-based casino operator Mohegan Tribal Gaming Authority says it has agreed to invest up to KRW185.0 billion (US$142.0 million) in fresh funds to complete its casino resort project at Incheon, near the South Korean capital Seoul.

The additional funds will be invested into Inspire Integrated Resort Co Ltd, the group’s subsidiary developing the Mohegan Inspire Entertainment Resort (pictured in an artist’s rendering).

In a Thursday press release, the casino firm said it had agreed to make “certain non-dilutive equity capital contributions” to its subsidiary “as needed”, to ensure the completion of the casino resort project.

Such commitment is for up to the U.S. dollar equivalent of KRW155 billion, to be invested “at various times on or before September 30, 2023,” stated the company.

The firm also agreed to make additional contributions to its subsidiary, “if necessary”, in order for it “to pay for certain development costs or pre-opening expenses if those costs exceed budgeted amounts and available contingency funds in an amount up to KRW30 billion”.

The firm said additionally that, under the deal, it had entered into a “waiver and consent letter” with its mezzanine lenders, by which those lenders “agreed to consent to certain amendments” to the development plan for the casino project.

Mohegan’s chief executive, Raymond Pineault, had confirmed earlier this month that the company would have to make “additional equity investments to fund a variety of items” related to the under-construction casino resort in South Korea.

Mr Pineault said the company expected to open some non-gaming portions of the resort “in the latter part of 2023, with the casino opening shortly thereafter upon licensing.”

Mohegan Inspire includes a foreigner-only casino, plus leisure offerings and 1,270 rooms and suites. When construction is completed, the resort will also have a 15,000-seat multi-purpose arena, according to the promoter.

The casino firm announced earlier this month that it had agreed with some of its lenders to a second amendment to an existing credit agreement. Under the latest amendment, certain lenders “agreed to extend the maturity date of their commitments and loans under the facility to November 1, 2025,” stated Mohegan.


  • tweet
Related articles
  • China demand a boon to S.Korea casinos: brokerage
    China demand a boon to S.Korea casinos:...

    Mar 14, 2023  

  • Annual net casino sales double y-o-y at Jeju Dream Tower
    Annual net casino sales double y-o-y at...

    Mar 14, 2023  

More news
  • Nagasaki says Credit Suisse woes not to impact IR plan
    Nagasaki says Credit Suisse woes not to...

    Mar 20, 2023  

  • Macau GGR for March 1 to 19 at US$845mln: JP Morgan
    Macau GGR for March 1 to 19 at...

    Mar 20, 2023  


Latest News

Nagasaki says Credit Suisse woes not to impact IR plan

Nagasaki says Credit Suisse woes not to impact IR plan

Mar 20, 2023  

Credit Suisse Group AG, described last year by Nagasaki governor Kengo Oishi as one of several potential “financial arrangers” for a proposed casino resort project within that Japanese prefecture...
Read More
Macau GGR for March 1 to 19 at US$845mln: JP Morgan

Macau GGR for March 1 to 19 at US$845mln: JP Morgan

Mar 20, 2023  

Let’s Win hosts grand opening for club at Hoiana in Vietnam

Let’s Win hosts grand opening for club at Hoiana in...

Mar 20, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


1.59 million

Total number of visitor arrivals to Macau in February



Most Popular

  • Universal Ent seeks to end SPAC deal for Okada Manila listingUniversal Ent seeks to end SPAC deal for Okada Manila… March 20, 2023
  • Let’s Win hosts grand opening for club at Hoiana in VietnamLet’s Win hosts grand opening for club at Hoiana in… March 20, 2023
  • Macau GGR for March 1 to 19 at US$845mln: JP MorganMacau GGR for March 1 to 19 at US$845mln: JP Morgan March 20, 2023
  • Macau visitor tally up 14pct m-o-m in FebruaryMacau visitor tally up 14pct m-o-m in February March 17, 2023
  • LET Group flags 2022 loss of US$52mln, Hoiana repays loanLET Group flags 2022 loss of US$52mln, Hoiana repays loan March 20, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us