Mohegan’s newly inaugurated South Korean venue, Mohegan Inspire, located in Incheon, has been a significant catalyst in achieving record-breaking revenues for the casino operator. Since its opening in late 2023, Inspire has amassed net revenues amounting to US$101.1 million, demonstrating robust month-on-month growth in both visitation and volume.
Record-breaking performance:
For the fiscal quarter ending June 30, 2024, Mohegan reported a historic peak in revenues, reaching US$504.2 million. This marked a 21.4% increase from the previous year, setting a new benchmark for the company’s quarterly performance. The opening of Inspire has not only bolstered group-wide revenues but also introduced detailed financial results for both gaming and non-gaming activities at the Korean resort for the first time. The resort achieved a net table win of US$35.2 million and a net slot win of US$2.5 million, with hotel occupancy hitting 70.8% at an average rate of US$190 per day.
Casino visitation at Inspire has consistently increased since its launch on February 3, climbing from 10,771 visitors in February to 27,411 by June. Joseph Hasson, Mohegan’s Chief Operating Officer, highlighted during the earnings call that the upward trajectory continued into July. “When you look at the month of July, the ramp continues and it is significant,” Hasson stated, according to Inside Asian Gaming. “We see it in tables, we see it in slots, and we see it across the board in non-gaming revenues, which brings us very close to profitability as we continue this ramp.”
As Asia Gaming Brief reports, Mohegan’s CEO, Ray Pineault, emphasized the significance of surpassing US$100 million in revenues, noting it as a crucial milestone in the ongoing growth of Inspire. “I am confident Inspire will be an increasing contributor for years to come, delivering significant cash flow and value to our company and stakeholders,” Pineault added.
Operational insights and future projections:
Despite these successes, Mohegan’s consolidated Adjusted EBITDA decreased slightly by US$3.9 million year-on-year to US$104.7 million. This was primarily due to higher operational expenses linked to the initial stages of Inspire’s opening, including elevated promotional efforts aimed at attracting visitors from both the expatriate local community and the broader Pacific Rim area. Hasson mentioned the strategic spending on promotions, indicating plans to eventually reduce this expenditure as the resort gains established traction and recognition.
In its entirety, Mohegan’s Inspire resort has significantly contributed to the operator’s most successful quarter to date. This achievement reflects the net revenues generated by Inspire since its opening and highlights a 53 percent increase in international gaming revenues, totaling US$82.74 million.
Inspire’s strategic location near Incheon’s primary airport capitalizes on its robust entertainment offerings from the United States, integrating them with local attractions such as K-pop, a 15,000-seat arena, an indoor water park, MICE facilities, and a 30,000-capacity entertainment park. This multifaceted approach aims to attract a diverse audience, boosting both gaming and non-gaming revenues.
Despite a quarterly loss of US$29.94 million, as compared to a profit of US$50.55 million in the same quarter of the previous year, Mohegan remains optimistic. The loss was mitigated by solid performance in the US market and notable expansion in Mohegan Digital, which experienced a 151.3 percent surge in net revenues.
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