As of its Fiscal 2025 Annual Report, Mohegan is not the borrower on the Inspire Korea project loans; Bain Capital-led lenders took the resort in February 2025. What remains is guarantees: a $143.0 million guarantee liability, a KRW30 billion letter agreement Inspire has asked it to honour, and a $100 million support agreement Mohegan believes was relieved in December 2025.
The long answer to what Mohegan still owes on Inspire Korea is a ledger, dated. This desk read the Fiscal 2025 Annual Report and the 16 December 2025 World Casino Directory report of Mohegan’s Q4/FY2025 earnings call. Won-to-dollar figures are Mohegan’s, at 30 September 2025.
What Mohegan still owes on Inspire Korea, line by line
| Obligation | Amount | Status |
|---|---|---|
| Korea Term Loan (Bain affiliates) | $275.0m | Accelerated 13 Feb 2025; shares taken |
| Korea Senior Credit Facility | Up to KRW1.04tn | Inspire’s debt; construction loan repaid Dec 2025, per Glazer |
| Credit Enhancement Support Agreement | Up to $100.0m | Believed relieved; legal status being determined |
| Subsidiary guarantee liability | $137.0m at exit, $143.0m at 30 Sept 2025 | Open, on the balance sheet |
| Hanwha cash-deficiency backstop | Up to | KRW5.65bn (~$4.0m) LC expired Oct 2025, not renewed |
| Equity top-up commitment | Up to KRW50bn (~$35.7m) | No claim asserted at issuance |
| Phase 1B standby LC (Incheon airport) | KRW24bn (~$17.1m) | Expired Oct 2025, not renewed |
| Authority Letter Agreement | Up to KRW30bn (~$21.4m) | Inspire asked Mohegan to perform, Aug 2025; outcome uncertain |
| Revolver letters of credit | ~$21m | Expired, per Glazer |
The letter agreement covered contractor claims above the $27.4 million due from Inspire; the August 2025 settlement amount is undisclosed, and Mohegan says it has no visibility into Inspire’s operations.
Why is the $100 million agreement not closed?
The relief is a belief, not a reported event. CFO Ari Glazer told the call that Inspire repaid the original construction loan in December, which Mohegan believes relieves the agreement, while it is “still in the process of determining the exact legal status.”
How did Mohegan refinance after losing Inspire?
In April 2025, Mohegan closed $1.2 billion of refinancing: a new $250 million revolver, $226 million of 2027 notes swapped into 2031 secured notes, and the tribe taking $100 million of 2027 notes out to 2032, per iGB. See our assessment of Inspire under Bain and the sale-status question.
FAQ
Does Mohegan still own Inspire Korea? No. Mohegan’s Fiscal 2025 Annual Report states that since 13 February 2025 it is no longer an equity holder of Inspire or its owners. Bain Capital-led lenders accelerated the $275.0 million Korea Term Loan and took the MGE Korea Limited shares.
How much did Mohegan lose on Inspire? The report gives no single figure. On deconsolidation Mohegan booked a $71.6 million net gain on disposal after a $137.0 million liability for subsidiary guarantees tied to the project, raised to $143.0 million at 30 September 2025: a paper gain, a growing reserve.
Is Mohegan still a going concern? The going-concern language belonged to the FY2024 report, when the Korea default was anticipated. In April 2025 Mohegan closed $1.2 billion of refinancing with a new $250 million revolver, pushing near maturities to 2029, per iGB. Whether the residual guarantees are drawn is the open variable.
This is not a view on Mohegan’s paper. Kajino Scout covers the business of gaming for an adult industry readership and offers no gambling services.