Bain Capital plans to sell INSPIRE Resort — Mohegan’s comeback likely?
South Korea’s largest foreigner-only 바카라 complex, INSPIRE Entertainment Resort in Incheon, has officially been listed for sale. This follows a management takeover by Bain Capital, after the previous operator failed to meet the conditions of a significant loan agreement.
The US-based private equity firm assumed control of the resort’s holding company, MGE Korea Limited, earlier this year. This was triggered by a $275 million loan default (€255 million), which had been secured in 2021 using shares in the Korean entity as collateral. As a result of the breach in financial covenants, Bain took over operational control in February 2025.
Reportedly, the resort is being sold via an open market bidding process. This approach aims to determine the property’s fair market value and complete the pending legal transfer of ownership. Bain Capital has not yet acquired full legal title and must undergo further legal procedures to finalise ownership.
Opened in late 2023, INSPIRE is strategically located near Incheon International Airport and boasts a sprawling entertainment offering. The complex features three five-star hotel towers with a combined 1,275 rooms, Korea’s largest foreigner-only 바카라, and a state-of-the-art convention centre. It also houses a 15,000-seat indoor arena and South Korea’s first glass-domed water park.
INSPIRE battling since opening days
Despite its ambitious scale, the resort struggled financially in its first year. For the fiscal year ending September 2024, INSPIRE reported an operating loss of KRW 156.4 billion (€104 million), while generating KRW 219 billion in revenue (€146 million). Performance was below expectations, particularly in key target markets such as China, where high-value tourists did not arrive in sufficient numbers.
In light of the financial underperformance, Bain Capital has submitted a new business plan, proposing phased expansions including a shopping mall, theme park, and golf course. Although Mohegan challenged these acquisition plans.
Prospect of Mohegan’s re-entry
As of now, Bain has stated it is open to all credible bids, including offers from third-party investors or a potential reacquisition by Mohegan, the original operator. The bidding process will include independent property valuations conducted by third-party accounting firms to establish fair market value.
Mohegan lost control of the South Korean resort after failing to meet debt obligations. While its local unit managed to bring in notable revenue during its first full year, the overall debt burden and operating costs made continued ownership financially unsustainable.
The outcome of the sale process remains uncertain. Bain could retain the asset, sell it to the highest bidder, or even negotiate with Mohegan or other strategic investors, pending regulatory approval.
