Key facts
- The Mohegan tribe lost control of the Inspire Entertainment Resort in South Korea.
- Bain Capital has taken control of the resort.
- The loss of control is due to a default on a $275 million loan.
- The Inspire Entertainment Resort is valued at $1.6 billion.
- The casino opened in March 2024.
- The resort suffered significant losses.
- Losses were attributed to restrictions on local gamblers.
- Losses were also attributed to lower-than-expected international visitor numbers.
The Mohegan tribe has relinquished control of its $1.6 billion Inspire Entertainment Resort located in South Korea. This development occurred after the tribe defaulted on a $275 million loan, leading to lender Bain Capital taking over the property. The Inspire Entertainment Resort, which commenced operations in March 2024, has faced significant financial challenges. These difficulties are primarily due to restrictions placed on local gamblers and a shortfall in anticipated international visitor numbers. The resort's financial performance has been negatively impacted by these factors, resulting in substantial losses that ultimately led to the default on the loan and the subsequent loss of control for the Mohegan tribe.