South Korea Inspire Entertainment Resort reported to be up for sale
The foreigner-only casino complex, Inspire Entertainment Resort, is now for sale with the process initiated by private equity firm Bain Capital, according to The Korea Times.
The publication shared the news as an exclusive, stating that an official notice had been obtained that confirmed the resort had been put up for sale.
The complex only opened last year and includes a foreigner-only casino. South Korea only has 17 casinos in total, with the East Asian country having strict laws on gambling for its citizens.
Not only does the resort include a casino, but three 5-star hotels featuring 1,275 rooms, a 15,000-seat arena, an indoor water attraction, and a digital entertainment street.
It’s located near Incheon International Airport on Yeongjong Island and was developed by Mohegan which is the operator of eight integrated resorts worldwide. It’s described on its website as being a ‘new generation entertainment resort.’
South Korea Inspire Entertainment Resort opened last yearIt’s reported that Bain Capital assumed management control in February of the resort’s holding company, MGE Korea Limited which is the Korean subsidiary of Mohegan Gaming & Entertainment.
According to the publisher, the notice describes “the proposed deal as a rare opportunity to acquire a newly built, high-end resort complex with a fully approved casino license.”
An industry source is cited, as it’s alleged that while Bain Capital has gained effective management control of MGE Korea, it has not obtained full ownership and additional procedures need to be completed to secure legal title to the company.
“In order for the appropriation process to be completed, it must include a valuation of the collateral asset,” the source told The Korea Times.
It’s believed that either Bain Capital could secure full legal ownership by finalizing the ownership transfer or a third-party company could acquire control of the resort. It’s not known how this will affect the casino license if the second outcome were to take place.
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