GGRAsia – Mohegan says Inspire Korea open ‘early 2023’, not 2022

Mohegan says Inspire Korea open ‘early 2023’, not 2022

Dec 28, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck, World

United States-based tribal casino operator Mohegan Gaming and Entertainment is now referring to the opening of its South Korea casino resort, Inspire (pictured in an artist’s rendering), as due in “early 2023”.

In August, the group had mentioned to GGRAsia it anticipated the opening in the “second half of 2022”.

The reference to 2023 was in an investor presentation made available last week, and which focused on the company’s results for the quarter ending on September 30. The document also mentioned financing for the South Korea scheme was due to close in “early 2021”.

Inspire Entertainment Resort – also known as Inspire Korea – at Incheon, South Korea, close to that country’s main international air hub, has been described by its promoter as a multiphase, multibillion-U.S. dollar scheme.

The earnings deck mentioned that the Covid-19 pandemic had “slowed progress” in the construction of Inspire Korea.

In the quarter to September 30, Mohegan Gaming – which has several properties in the United States market, including its flagship venue Mohegan Sun, in Connecticut – reported net revenues down 29.0 percent year-on-year, to US$294.0 million, from US$414.0 million.

Adjusted earnings before interest, taxation, depreciation and amortisation fell by 7.4 percent, to just under US$82.8 million from US$89.4 million in the prior-year quarter, said the earnings presentation.