Your Daily Asia Gaming eBrief: Mohegan's South Korea Inspire ahead of schedule

Friday 10th of February 2023

Good morning. Happy Friday! Asia is finally catching up to the United States, after COVID decimated revenues for nearly three years. Capex is expected to increase - with Mohegan announcing its $5 billion resort in South Korea's Incheon will open non-gaming offerings in the latter part of this year, but there's still no fixed date for the foreigner-only casino. Meanwhile MGM China says it made $5 million per day during Chinese New Year and Wynn Macau saw a resurgence of VIP, despite the majority of its CNY revenue being driven by mass.

What you need to know

Mohegan's South Korea $5 billion resort Inspire has construction running ahead of schedule but no fixed date for casino opening.
MGM China says that it made some $5 million per day during the Chinese New Year holiday, prompting hopes for strong results in 1Q23.
Wynn Macau says that mass market demands beat expectations during CNY, with VIP making a comeback despite headwinds.

On the radar

Macau court declares The 13 bankrupt, company delists from HKEX.
Wynn Resorts: private offering of $600mln in senior notes due 2031.
AGTech partners with Galaxy Macau for entertainment shows and events.

AGB Intelligence

SOUTH KOREA

Mohegan's Inspire resort still without date for casino

Mohegan's South Korean project in Incheon is already ahead of schedule, at least in regards to construction. The $5 billion project is expected to open its non-gaming offerings in the latter part of this year, however no fixed date is yet set for opening its foreigner-only casino. The group, however, saw strong results in 4Q22, registering its highest quarterly consolidated adjusted EBITDA in 25 years.