Mohegan Gaming & Entertainment (MGE), the operator behind Connecticut’s Mohegan Sun, is currently grappling with significant financial challenges linked to its South Korean casino venture, Mohegan Inspire. The company’s annual report for the 2024 fiscal year reveals that the debts associated with this project seriously threaten its overall business stability and future operations.
MGE’s total debt is a staggering $3.1 billion, with $471.7 million maturing in fiscal 2025. Notably, the company anticipates defaulting on $441.8 million of loans tied to Mohegan Inspire and acknowledges the necessity to refinance an additional $762 million. These financial obligations have led to grave concerns about MGE’s ability to continue as a going concern.
Mohegan Inspire
Mohegan Inspire, located in Incheon, South Korea, launched gaming operations in February 2024. Despite generating net revenue of $163.3 million over ten months, the resort has yet to achieve profitability.
The South Korean property reported a negative EBITDA of $49.5 million, attributed to increased operating costs during its launch phase and lower-than-expected table game hold percentages. Mohegan Inspire features more than 150 table games with 13 gaming titles.
Adding to MGE’s financial strain are lawsuits from contractors involved in the Mohegan Inspire project. These legal disputes, which primarily revolve around payment issues and project delays, further complicate the company’s efforts to stabilize its financial position and address looming debt maturities.
Mohegan Sun Uncasville
While Mohegan Inspire’s financial performance has been less than ideal, MGE’s other operations, including the flagship Mohegan Sun in Uncasville, have shown resilience. The company reported a 12% increase in net revenues for the fourth quarter of 2024, reaching $497.7 million, bolstered by contributions from digital gaming and other properties.
Mohegan Sun is one of the few online Connecticut casinos that can accept players over 21 within state lines. While other US states have yet to authorize online casino gambling, CT joined the industry in October 2021 alongside online sports betting.
Connecticut Online Casinos
As mentioned, Connecticut is one of the few US states licensing domestic casinos to operate online. While the best online casinos in the USA are generally offered from out-of-state sites, CT is one exception.
Popular online casino games include blackjack, baccarat, video poker, slots, roulette, and more. Online gambling sites typically offer more gaming variations and slot titles than domestic ones. You can also find bigger bonuses, rewards programs, and extended casino banking options online.