Mohegan Clarifies Seizure of Inspire Casino Resort in South Korea by Bain Capital

Posted on: December 15, 2025, 01:12h. 

Last updated on: December 15, 2025, 03:35h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.
  • Mohegan defaulted on its Korea casino in late 2024
  • Bain Capital subsequently took control of the Incheon casino resort
  • Mohegan no longer has any interest in the $1.6 billion property

In its full-year 2025 fiscal report, Mohegan details the events that led up to it losing control of the $1.6 billion Inspire Entertainment Resort in South Korea at Incheon International Airport.

Mohegan Inspire South Korea
Inspire Entertainment Resort in South Korea is pictured. Mohegan lost control of the casino resort at Incheon International Airport in February after defaulting on a loan it used to build the $1.6 billion destination. (Image: Inspire Entertainment Resort)

As Casino.org reported extensively, Mohegan defaulted on its Korea Term Loan late last year. The $275 million loan facility was issued by affiliates of Bain Capital and Serica Agency Limited. Bain is a Boston-based global private investment firm. Serica is a Hong Kong-based loan agency that specializes in the Asia-Pacific market.

Mohegan details that on Feb. 13, 2025, Bain Capital notified the company that it would be taking ownership and control of Inspire, a casino with 150 table games and 373 slot machines, along with 1,275 hotel rooms, 11 restaurants, five lounges, a shopping mall, an indoor water park, an immersive indoor street experience, and a 15K-seat arena.

Prior to the Korea Transition, we were neither actively marketing Inspire for sale nor had intentions to abandon Inspire,” the company said in its year-end report.

The takeover, Mohegan explained, left the company with no equity position in Inspire, and, as such, the company “no longer benefits financially from the performance of Inspire.” 

Financial Disaster

Mohegan’s bet on South Korea was a losing one. The company owned by the Connecticut tribe was confident that a $1.6 billion wager on a casino in the Seoul capital region would pay off.

But because the casino was limited to foreigners, projected revenue never materialized. The destination’s family-friendly attractions also underwhelmed, with families not uninclined to vacation adjacent to an airport.

Inspire weighed heavily on Mohegan’s fiscal performance, with income from operations declining 9.5% to $259.3 million for the 12 months ending Sept. 30, 2025. Mohegan’s total capital crashed from almost $3.5 billion to $2 billion.

The Inspire disaster led to Mohegan CEO Ray Pineault announcing his resignation. His last day is December 28.

Pineault painted things positively during the 2025 investor call, citing strong business at Mohegan Sun and for its online unit.

The fiscal year we just completed represents one of the most successful and transformative periods in Mohegan’s history,” Pineault said. “Our Connecticut business is performing at an exceptional level. Combined EBITDA for Mohegan Sun and Mohegan Digital exceeded $363 million, marking the strongest performance since 2007. This is a remarkable milestone and a testament to the strength of our strategy, brand, and team.”

Mohegan CFO Ari Glazer noted that the company cut jobs in the most recent quarter, though no positions at Mohegan Sun were eliminated. Glazer said the “workforce reductions … will optimize our cost structure going forward.”

WNBA Sale

Mohegan’s bottom line was propped up by the company selling its WNBA franchise, the Connecticut Sun. In August, Mohegan agreed to sell the women’s basketball team to Stephen Pagliuca, the former co-chair of Bain Capital who has since retired, for $325 million.

The Sun will play at the Mohegan Sun Arena through the 2026 season before a likely move to Boston.