Bain Capital accelerated a US$275 million term loan in February 2025, took the shares of MGE Korea Limited from Mohegan, and listed the US$1.6 billion Inspire Entertainment Resort in Incheon for sale in May 2025. The resort refinanced its senior debt in December 2025 and reported gaming revenue of KRW267.23 billion for the fiscal year to 30 September 2025.
What follows is the ledger behind that line, from pages this desk read on 11 September 2026.
What happened to Inspire Entertainment Resort after Bain Capital took control?
In mid-February 2025 the agent for a US$275 million loan told Mohegan the debt had been accelerated, and Bain Capital, the principal lender, announced it was taking control of MGE Korea Limited after an event of default, per The Day’s report carried by Yahoo Finance. Mohegan’s statement said it had failed covenant tests but missed no payment, and that the loan did not mature until May 2027.
On 19 May 2025 iGB reported that local media had announced the resort was for sale, noting Bain did not yet hold legal title to MGE Korea and a buyer might have to reapply for the casino licence. By 16 December 2025, per World Casino Directory citing Mohegan’s earnings call, Inspire had refinanced its senior credit facility and fully repaid the original construction loan in early December.
The ledger: the debt stack against the first full year
None of the three competing pages this desk could read puts the debt events and the FY25 numbers, as reported by iGamingToday, together.
| Item | Figure | Source, date |
|---|---|---|
| Term loan accelerated | US$275m; original maturity May 2027 | Mohegan via The Day, 19 Feb 2025 |
| Mohegan secured notes | US$750m 8.250% due 2030; US$450m 11.875% due 2031 | Tribal Business News, 14 Apr 2025 |
| Construction loan | Fully repaid early Dec 2025 after refinancing | Mohegan CFO via World Casino Directory, 16 Dec 2025 |
| FY25 gross gaming revenue | KRW267.23bn (~US$184.7m) | FSS disclosure via iGamingToday, 11 Jan 2026 |
| FY25 total revenue | KRW415.98bn, from KRW219.04bn | iGamingToday, 11 Jan 2026 |
| FY25 operating loss | KRW46.12bn, from KRW156.38bn | iGamingToday, 11 Jan 2026 |
| FY25 net loss | KRW154.83bn | iGamingToday, 11 Jan 2026 |
How does Inspire compare with Paradise City?
Paradise Co, which runs Paradise City on the same island alongside three other foreigner-only casinos, reported record group casino revenue of KRW104.91 billion for August 2026, up 32.1 percent year on year, per its disclosure as reported by iGamingToday on 2 September 2026. That is a four-venue total; the venue breakdown was not in the text this desk read.
Inspire’s FY25 gaming revenue averages roughly KRW22 billion a month, this desk’s arithmetic on the annual figure. The periods differ, but the incumbent group’s best month is roughly two-fifths of the newcomer’s year. That gap, more than the debt, is what a buyer is pricing.
Frequently asked
Who owns Inspire Entertainment Resort now?
Bain Capital has controlled Inspire since February 2025, when as principal lender it accelerated a US$275 million term loan after an event of default and took the shares of the Mohegan subsidiary that owned the resort. iGB reported in May 2025 that Bain did not yet hold legal title; this desk has read no later page resolving that.
Is Inspire Entertainment Resort for sale?
It was put up for sale. iGB reported on 19 May 2025 that local media had announced the US$1.6 billion resort was on the market. Whether a buyer has been found, or the listing withdrawn, as of 11 September 2026 is not something this desk could confirm from a page it read.
How much revenue did Inspire casino make in 2025?
For the fiscal year to 30 September 2025, Inspire reported gross gaming revenue of KRW267.23 billion, roughly US$184.7 million, in a disclosure to Korea’s Financial Supervisory Service as reported by iGamingToday. Total revenue was KRW415.98 billion, the operating loss narrowed to KRW46.12 billion from KRW156.38 billion, and the net loss was KRW154.83 billion.
The file, both columns
Verdict
Korea’s foreigner-only operators live on inbound flows, as the Jeju Dream Tower assessment set out, face the proposed tourism levy increase together, and now watch Kangwon Land build a foreigners-only zone. Kajino Scout covers Inspire as an industry story for an adult readership; we do not offer gambling services, and nothing here is an invitation to a casino floor.