Global private equity firm Bain Capital has acquired management rights to Inspire, a complex resort on Yeongjong Island in Incheon, from U.S. integrated resort operator Mohegan. Consequently, the resort's name will also change from Mohegan Inspire Entertainment Resort to Inspire Entertainment Resort.
Inspire announced on the 17th that Bain Capital has exercised its acquisition rights for its parent company, MGE Korea Limited, securing management rights. Bain Capital appears to have received management rights by converting the bonds it held in MGE Korea Limited into equity.
This acquisition appears to have been influenced by Inspire's deficits. In its first financial results since opening last year, Inspire reported a net loss of 265.4 billion won for the fiscal year 2023 (from October 2023 to September 2024).
An Inspire official noted, "This acquisition will not affect employee employment or the routine operation of the resort." Inspire is a complex resort featuring a 1,275-room five-star hotel, a performance arena, a water park, and a foreigner-only casino near Incheon International Airport on Yeongjong Island.