Mohegan Tribal Gaming Authority reported third-quarter net income of $50.6 million, down 14.8% year-over-year.
Quarterly net income was $415.4 million, nearly flat year-over-year. For the three-month period, gaming revenue was $281.9 million, down 4.1% year-over-year.
A U.S.-based company called Mohegan Gaming is developing a resort (pictured) with a foreigner-only casino in Incheon, Korea. The first phase of the Inspire Entertainment Resort was described as a $1.6 billion (W1 trillion) project.
Ray Pineault, chief executive of Mohegan Gaming, said on the group’s earnings conference call on Thursday that non-gaming amenities are still expected to open on the calendar for the fourth quarter of this year.
“There will have to be something very abnormal to prevent us from achieving that goal,” the CEO told analysts. He added that the recent typhoon that affected Korea “had no impact” in terms of the project timetable.
In a recent interview with GGRAsia, Inspire Entertainment Resort President Chen Shi said he hoped the on-site casinos would open by the Lunar New Year, which starts on February 10 next year.
On Thursday’s call, Mr Pinot was asked about the timing of the casino. He said he could not give any guarantees “because it’s not something we can control.
He said: “As I said from the beginning, you have to open up hotels and non-gaming amenities to get a rating for a hotel, and you get a casino license.”
The CEO said, “Obviously, we hope to create as short a period as possible. We don’t control that …. We have some target dates that we have been communicating with [South Korean] agencies and trying to narrow them down.”
Mohegan Inspire’s “project completion” is “about 89% at the end of July,” according to the earnings release.
The presentation explained that the multi-level plan will include three hotel towers, 15,000-seat arena and convention spaces, dining, shopping and entertainment facilities, an indoor water park and an outdoor park for families, as well as foreign-only casinos.
The property “will be comparable in size and scale” to the group’s Mohegan Shipyard in Connecticut, U.S., it noted.
The group’s total debt, including capital leases, was $3.1 billion as of June 30, up $218.7 million from the March quarter, Mohegan Gaming Chief Financial Officer Carol Anderson said in a call.
She said: “This increase is primarily related to financing activities resulting from the development of Mohegan Inspire, including further withdrawals under the project financing facility.
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