Category: Mohegan

Lackawanna Trail’s Ashton Thiel shoots while covered by Old Forge’s Logan Fanning during the PIAA District 2 Class 2A basketball championship game at Mohegan Sun Arena at Casey Plaza in Wilkes-Barre Twp. Saturday, March 1, 2025. (SEAN MCKEAG / STAFF PHOTOGRAPHER) Lackawanna Trail’s Jimmy Phillips jumps to shoot while covered by Old Forge’s Nick Salerno during the PIAA District 2 Class 2A basketball championship game at Mohegan Sun Arena at Casey Plaza in Wilkes-Barre Twp. Saturday, March 1, 2025. (SEAN MCKEAG / STAFF PHOTOGRAPHER) Old Forge’s Logan Fanning takes the ball to the hoop while covered by Lackawanna Trail’s Lucas Filipek during the PIAA District 2 Class 2A basketball championship game at Mohegan Sun Arena at Casey Plaza in Wilkes-Barre Twp. Saturday, March 1, 2025. (SEAN MCKEAG / STAFF PHOTOGRAPHER)

Logan Fanning not only announced his, but the entire Old Forge basketball team’s presence 42 seconds into Saturday afternoon’s District 2 Class 2A boys basketball championship game.

Fanning…

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Private equity firm Bain Capital has taken control of Inspire Entertainment Resort on Yeongjong Island, the largest integrated resort in South Korea. This follows financial difficulties faced by Mohegan Gaming & Entertainment (MGE), whose South Korean subsidiary defaulted on a substantial loan.

Bain Capital confirmed on Monday for The Korean Economic Daily that it had obtained a controlling interest in MGE Korea, the South Korean branch of U.S.-based Mohegan Gaming & Entertainment. MGE Korea previously held full ownership of the luxury resort, but after defaulting on a $275 million loan from multiple lenders in November 2021, it lost management control.

The resort, situated near Incheon International Airport, spans 461,661 square meters—comparable to 64 soccer fields. It features three five-star hotels with a combined total of 1,275 rooms, a 15,000-seat performance arena, an indoor water park under a glass dome, and a large-scale convention center capable of hosting up to 4,000 guests. Additionally, Inspire is the country’s largest foreigner-exclusive casino.

Financial Struggles and Bain Capital’s Intervention

Despite an investment of $1.6 billion, MGE Korea has struggled financially since the resort’s grand opening in January last year. By September, Inspire had recorded revenue of KRW 219 billion ($152 million) but suffered a net loss of KRW 265.4 billion ($152 million). In its most recent fiscal year (October 2023–September 2024), the resort posted an operating loss of KRW 156.4 billion ($108 million).

Bain Capital exercised its rights to take control of MGE Korea after the parent company was unable to meet its loan obligations. Consequently, the resort’s official name has been changed from Mohegan Inspire Entertainment Resort to Inspire Entertainment Resort.

During Mohegan’s fourth-quarter 2024 earnings call, the company’s COO, Ari Glazer, acknowledged the transition, stating, “Following the earnings release this morning and just a few hours ago,…

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The investment firm says MGE defaulted on a loan used to finance the integrated resort.  

South Korea.- Bain Capital has announced it has taken operational control of the South Korean casino resort Mohegan Inspire. The company reportedly took the decision because Mohegan Gaming & Entertainment (MGE) defaulted on US$275m in loans used to finance the integrated resort (IR). 

However, MGE issued a statement claiming that, while Mohegan did not satisfy certain financial covenant tests, “it has not missed a payment of principal or interest.”

The statement reads: “The loan held by Bain Capital does not mature until May 2027, with no principal payments due before the maturity date. We made several good faith proposals for amending the financial covenants that are consistent with market precedents. However, Bain Capital has dismissed those proposals and provided counterproposals that would result in Bain Capital receiving large payments ahead of other Inspire lenders.”

It added: “We have been and will continue to attempt to negotiate in good faith with Bain Capital to find a mutually agreeable solution that allows us to be continuing partners with the people of Korea and our various stakeholders. We do not believe the change-of-control pursued by Bain Capital is in the best interests of the property, its team members and customers, other lenders and various key stakeholders.”

Mohegan Inspire held a soft opening on November 30, 2023 and a full opening last March. It has over 150 table games, 390 slot machines, and 160 electronic table games (ETG). It has a floor for VIP guests featuring a Guandong-style restaurant.

Mohegan Inspire held a soft opening on November 30, 2023 and a grand opening last March.

A week ago, MGE shared its financial results for the first quarter of financial year 2024/2025. It…

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