Chen Si, president of the Inspire casino resort in South Korea, says operations at the complex will “remain the same” following the management transition.
“I can confirm that Mohegan no longer has the management rights to Inspire as of February 13,” Mr Si said in comments to GGRAsia. He added that “all operations remain the same”.
“We do not plan to change our trading name,” stated Mr Si (pictured in a file photo), adding that the resort would maintain the “Inspire” moniker.
United States-based private investment firm Bain Capital has taken over the operations of the Inspire complex, as the company exercised its rights to take control of MGE Korea Ltd, the parent company of Inspire, as a result of a default on the terms of a loan.
The property was developed – and had until last week been operated – by U.S.-based Mohegan Tribal Gaming Authority.
“Bain Capital has been on our board from the beginning, and they know this management team well,” stated Mr Si.
“We are committed to continue our growth and Bain Capital has pledged their full support,” the executive told GGRAsia.
He added: “The fact that they took control of the asset demonstrates their confidence in the future potential of Inspire.”
In a statement sent to GGRAsia on Monday, Bain Capital said it would work to “strengthen” Inspire’s “financial foundation and accelerate its growth as a premier luxury destination”.
The asset management company said the transition would be “seamless for both employees and guests, ensuring uninterrupted operations”.
The management of Mohegan revealed last week that the lenders to MGE Korea had taken “certain remedies, including appropriation of the shares” of MGE Korea.
GGRAsia approached the Mohegan group for comment.
In mid-January, Mohegan said MGE Korea would be in default under the terms of a loan related to Inspire, as it had not been able to “satisfy certain financial covenant tests with respect to the period ended September 30, 2024”.
