In February, Bain Capital took over control of Inspire South Korea. Now, the company has officially placed the property up for sale.
Three months ago, global investment firm Bain Capital took control of Inspire South Korea from original developer-operator Mohegan Gaming & Entertainment. On Saturday, local media reported that the $1.6 billion resort is now on the market.
However, the sale may prove complex, as Bain does not hold full ownership of the property, and any incoming operator might need to reapply for the gaming license.
Loan default ended Mohegan’s brief Korea reign
On 19 February, Bain Capital exercised an acceleration clause requiring Mohegan to either repay $275 million in loans immediately or forfeit control of the Inspire resort. Lacking sufficient cash, Mohegan handed over control but stated its intention to eventually reclaim the property. Meanwhile, Inspire President Chen Si assured stakeholders that operations would continue as normal, with a "bullish" new operator now leading the project.
Inspire boasts 1,275 hotel rooms, a 15,000-seat arena, an indoor water park, meeting spaces, and a prime location covering 4.36 million square meters near Incheon International Airport. However, it struggled in the most critical area—its casino operations.
The resort failed to attract a solid base of international gamblers, particularly high-value Chinese players, resulting in a $104 million loss during its first year. Mohegan attributed the shortfall to a mix of high launch expenses and a weak table hold rate.
The U.S.-based tribal operator maintained that early challenges are typical for large-scale integrated resorts and emphasized that Inspire had been structured for long-term success.
Bain does not yet hold legal title to Inspire
According to the Korea Times, Bain Capital has framed the sale of Inspire as a rare chance to acquire a luxury resort with a casino license.
However, the publication also reports that Bain does not yet have full legal ownership of MGE Korea and must first finalize a “valuation of the collateral asset” before proceeding further.
Any third-party buyer would also face several obstacles. They might need to reapply for the casino license and would be required to meet the development commitments originally made by Mohegan. These obligations include advancing Inspire as a central part of South Korea’s cultural and tourism growth strategy.
“The license was issued to Inspire. So regardless of any changes in ownership, the resort must still meet certain conditions,” a tourism ministry official told the Korea Times. “That means making the promised investments and completing specific facilities. We will continue to monitor compliance.”
Among South Korea’s 17 casinos, only one—Kangwon Land in Gangwon Province—is open to Korean citizens. That presents a major hurdle for Inspire’s success. “Until they allow local play, it will always be a tough market,” gaming analyst Brendan Bussmann told GGB Magazine. Despite its strategic location next to Incheon Airport, he added, attracting enough visitors remains “exceptionally challenging,” especially with ongoing concerns over international travel flows.
