Connecticut’s Mohegan, which operates the Mohegan Sun, has entered into a second amendment to its January 2021 credit arrangement.
In a statement issued February 16, Mohegan, which is the tribe’s development arm, said that under the agreement “certain lenders” will extend the maturity date of the tribe’s loans until November 1, 2025 and make other amendments to the terms of the Existing Credit Agreement.
That puts Mohegan’s outstanding commitments at $233.5 million.
Mohegan’s credit update followed the revelation that its development arm plans to increase its equity investments in the Inspire, South Korea integrated resort project in Incheon. This project is ahead of schedule, according to the tribe.
This will expand “the number of hotel rooms, convention and meeting rooms plus F&B capacity,” said Mohegan CEO Ray Pineault during a fourth-quarter earnings call. He added, “There has been a strong trend in the Korean local market for staycations and we also want to make sure that our non-gaming amenities are sufficient to capture strong market share and support other programming for the resort, including the arena.”
