Inspire South Korea for Sale
Three months ago, global investment firm Bain Capital seized control of Inspire South Korea from developer-operator Mohegan Gaming & Entertainment. Now the $1.6 billion resort is up for sale.
Bain was the primary lender on the property, touted as the “Las Vegas of South Korea.”
On February 19, Bain invoked an acceleration clause requiring MGE to immediately repay $275 million in loans or surrender control of the resort. Facing a cash crunch, MGE was forced to cede control, but said it was committed to reclaiming the property.
A Bain sale would not be simple. According to the Korea Times, the firm does not yet hold legal title to MGE Korea and must first complete “a valuation of the collateral asset.” In addition, a third-party buyer would likely have to reapply for the casino license.
UNLV Analyst: Bangkok Could Surpass Singapore for Gaming Revenue
Bo Bernhard, VP of economic development at the University of Nevada Las Vegas, is urging Thailand lawmakers to legalize casino resorts. Bernhard believes a single market in the country—the capital city of Bangkok—could become the world’s third most profitable gaming market, edging Singapore.
With two integrated resorts, Singapore currently ranks third in GGR after Macau and Las Vegas. In 2024, Marina Bay Sands and Resorts World Sentosa collectively brought in $4.5 billion. The republic is on track to reach $5 billion this year, driven by the rebound in tourism and new attractions at both IRs.
But analysts say a mature Thai gaming industry—with IRs in Chiang Mai, Chonburi and Phuket as well as Bangkok—could generate up to $9.1 billion per year. Analysts at CSLA are even more optimistic, projecting $15 billion.
Bangkok has “a critical mass of infrastructure [ including] a world-class airport,” Bernhard told the Bangkok Post. It has a population of 11.5 million and drew 32.4 million visitors last year. Given these factors, “Bangkok alone with two resorts can surpass Singapore and become one of the largest gaming destinations in Asia,” Bernhard said.
He added that a strong regulatory framework is essential to attract gaming giants like MGM Resorts and Las Vegas Sands. “Serious operators want the strengthening of law… like an anti-money laundering law or know-your-customer law. They want to watch the dollars legitimately spent, counted and taxed to make sure it’s clean.
“The enforcement must be strict.”
A number of global operators have expressed interest in Thailand, including MGM, Sands, Wynn Resorts, Caesars Entertainment, Hard Rock, Melco Resorts & Entertainment and Galaxy Entertainment Group.
Vietnam’s Grand Ho Strip Launches Billion-Dollar Expansion
Vietnam’s Grand Ho Tram Strip casino resort has begun a massive expansion that will add a five-star hotel, luxury villas, new entertainment facilities and a convention and exhibition center to the complex.
The 86.5-acre project, with a price tag of more than $1 billion, is a joint venture of Lodgis Hospitality and VinaLiving, a unit of investment firm VinaCapital.
In a statement, CEO Walt Power said the expansion will make Ho Tram “Vietnam’s leading integrated resort destination … able to compete with top regional destinations such as Singapore, Manila and Macau.”
The groundbreaking took place on May 16.
PAGCOR Calls On ‘All Sectors’ to Fight Problem Gambling
On May 19, at the Philippines’ second annual International Conference on Responsible Gambling and Addiction, the head of the Philippine Amusement and Gaming Corp. called for “a whole-of-society approach” to the issue of problem gambling. Alejandro Tengco said “regulators, policymakers, industry operators, healthcare professionals and academicians” have a stake in the fight and must collaborate on solutions.
“We must not only share knowledge but act as partners in understanding, preventing and reducing the threats posed by problem gambling,” said PAGCOR Chairman and CEO Alejandro Tengco.
“Gaming has inherent social risks” Tengco continued. “But with the right safeguards and collaboration among all sectors, we can ensure the safety and well-being of our players.”
Kangwon Land Boosts VIP Bets
The South Korea Ministry of Culture, Sports and Tourism has granted permission to Kangwon Land, the country’s only locals casino, to hike betting limits on VIP baccarat.
Minimum wagers in the casino’s new foreigners-only gaming zone will increase tenfold from KRW50,000 ($35) to KRW500,000 ($353). Table differentials will top out at KRW30 million. The change is designed to boost casino traffic and lure high rollers to the resort in a remote area of Gangwon Province.
The government will also allow Kangwon Land to increase its casino floor by almost 62,000 square feet and increase the number of gaming machines and tables. The casino is expected to add 50 tables and 250 slot machines, for a total inventory of 1,860.
In December, Kangwon Land announced it would add a new casino complex in a capital investment project worth KRW2.5 trillion, with an expected completion date of 2032.
