Mohegan INSPIRE Posts Inspiring Q3 Financials

The Mohegan INSPIRE Entertainment Resort in South Korea has disclosed its Q3 financials, revealing that business continues to gain traction. The new property, adjacent to the bustling Incheon International Airport, reflects the American company’s ambition to expand on a global level.

Gaming and Visitation Continued to Grow

As reported by Inside Asian Gaming, Mohegan INSPIRE generated net revenues of $62.2 million in the three months ended September 30, 2024. This figure, the Asia-focused gaming news outlet noted, represented a slight quarter-on-quarter increase. For comparison, Mohegan INSPIRE posted revenue of $60.1 million in the previous quarter.

In the meantime, the resort also experienced a positive change in adjusted EBITDA. Although the property has yet to become EBITDA-positive, its adjusted EBITDA loss decreased from $7.55 million in the quarter ended June 30, to $6.93 million in the third quarter of the year.

Mohegan INSPIRE’s increasing revenues were attributed to an overall increase in visitation and casino gaming during the quarter. Hotel occupancy, for example, reached a staggering 89.7% in August, marking an all-time high.

Although hotel occupancy decreased to 77.2% in September, the interest in casino gaming continued to increase. The reported casino visitation figures for August and September stood at 30,729 and 32,043, setting new records for the property.

Mass and premium mass table drop increased to $88.9 million in August but dropped to $81.3 million in September. Despite the noticeable decline in the final month of the quarter, this was still the property’s second-best month in terms of table gaming.

The Player Rewards Database, on the other hand, increased to 101,534 in September.

Mohegan INSPIRE Is a Success

The INSPIRE project has so far been successful, boosting the overall Mohegan Gaming group results. In the third quarter of the year, the company reported net revenues of $497.7 million, marking an increase of some $53.4 million.

The increase was attributed to the launch of Mohegan INSPIRE and the continued growth of Mohegan Gaming’s iGaming operation, Mohegan Digital. Despite that, a variety of setbacks, including the costs associated with the opening of Mohegan INSPIRE and the low hold in South Korea resulted in a drop in adjusted EBITDA for the group to $81.3 million.

On a year-to-date basis, Mohegan INSPIRE almost scored a new record, reporting net revenues of $1.9 billion. This figure is notably the second-highest in the company’s history.

Mohegan INSPIRE launched in November 2023, although this soft launch didn’t include gaming. Then, a few months later, the property’s casino opened its doors for the first time, heralding a new era for the company.