Bain Capital lists South Korea’s Inspire casino for sale after Mohegan default and financial losses

Bain Capital has put Inspire Entertainment Resort, South Korea’s largest foreigners-only casino, up for sale just three months after seizing control from Mohegan Gaming & Entertainment following a loan default. 

The $1.6 billion resort, located at Incheon International Airport, is being marketed as a rare opportunity to acquire a high-end integrated resort with a casino license. However, the legal and regulatory complexities surrounding the deal suggest a challenging transaction ahead.

Bain took control of Inspire in February after Mohegan defaulted on a $275 million loan. Mohegan had previously acknowledged financial pressures from high startup costs, low hotel occupancy, and weak table game revenue. The property, which opened in March 2024, reported a loss of 156.4 billion won ($112.3 million) last year.

Originally envisioned as a multibillion-dollar tourism hub, Inspire includes a 1,275-room hotel, 15,000-seat arena, indoor water park, shopping mall, and 150 live-dealer casino tables, accessible only to foreign nationals under South Korean law. 

The project's initial phase was intended to be followed by major expansions, including a Paramount Studios theme park and a direct walkway to the airport terminal. Those plans are now in doubt.

While Bain has assumed operational control, it does not yet hold full legal title to MGE Korea. A source told The Korea Times that Bain must first complete a valuation of the collateral asset before a sale can be finalized. 

Any new operator may also need to reapply for a casino license and meet existing development obligations outlined in Mohegan’s agreement with South Korea’s Ministry of Culture, Sports, and Tourism.

“The licence was granted to Inspire, so regardless of any changes in share ownership, Inspire is still obligated to meet certain conditions. That includes making specific investments and constructing required facilities,” a ministry official told The Korea Times.

With South Korean citizens prohibited from gambling at Inspire, analysts have questioned the resort’s long-term viability. Success for Inspire “will always be a challenge until they actually open it up to locals,” gaming consultant Brendan Bussmann told GGB Magazine, adding that relying solely on international traffic, even with a prime airport location, remains “exceptionally challenging.”

Mohegan, now focused on U.S. operations, is seeking to develop a new casino in Manhattan and is reportedly looking to sell its WNBA franchise, the Connecticut Sun.