Mohegan Tribal Gaming Authority Secures New Funding for Mohegan Inspire Project

The Mohegan Tribal Gaming Authority (MTGA), a US tribal casino operator currently developing the integrated resort Mohegan Inspire in Incheon, South Korea, announced a Third Amendment to its credit agreement. This update signifies a change in lenders and the addition of a new revolving credit facility, marking another step in the project’s financing journey.

Mohegan Inspire Represents a Significant Investment

As the second integrated resort to open in Incheon, Mohegan Inspire should significantly impact the region’s tourism and leisure offerings. Its diverse amenities are poised to attract a broad audience, making it a key player in the South Korean entertainment landscape. The new funding will ensure the project launches on time and meets stakeholders’ high expectations.

The Mohegan Inspire project aims to become the centerpiece of Incheon’s tourism landscape, offering a comprehensive entertainment experience. It will feature three hotel towers with 1,200 rooms, an arena, a foreigner-only casino, diverse dining and retail options, convention facilities, and an impressive selection of entertainment choices.

One of its distinctive features will be a year-round indoor water dome experience, providing visitors with a unique attraction. An outdoor family park will further enhance the resort’s appeal, catering to a wide selection of guests. This venue will also share Mohegan’s Momentum Loyalty Program, ensuring guests keep returning, knowing their loyalty is truly valued.

The Project Should Have All the Funds It Needs

The Third Amendment to Mohegan’s credit agreement follows the previous May 2021 and February 2023 revisions. This latest update sees Fifth Third Bank replace Bank of America as the Swingline Lender. Additionally, MTGA has gained a revolving line of credit of up to $5 million, intended for covering temporary short-term expenses.

In February, MTGA executed the Second Amendment to the original credit agreement, extending the maturity date of commitments and loans under the facility until 1 November 2025. Shortly after this, Mohegan announced its commitment to provide up to KRW185 billion ($140 million) in additional funding, ensuring the timely completion of its Korean integrated resort project.

The funding commitment was successfully fulfilled in September, demonstrating MTGA’s dedication to the project’s progress. The Mohegan Inspire should open its non-gaming components by the end of the year, setting the stage for complete operation in 2024. Its diverse amenities will help attract a broad audience and provide Mohegan with significant long-term value.