Mohegan says Inspire Korea open early in 2023
The pandemic had slowed progress in the construction of Inspire Korea, says Mohegan.
United States based tribal casino operator Mohegan Gaming and Entertainment is now referring to the opening of its South Korea casino resort as due in “early 2023”.
In August, the group had mentioned 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 the results of 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, close to the main international air hub, has been described by its promoter as a multiphase and multibillion U.S. dollar scheme.
The earnings deck mentioned that the pandemic had “slowed progress” in the construction of Inspire Korea.
In the quarter to September 30, Mohegan Gaming reported net revenues down 29.0% 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%, to just under US$82.8 million from US$89.4 million in the prior year quarter, said the earnings presentation.
