Good morning. Much ado in Korea. The surprise management takeover of Mohegan’s INSPIRE resort in Incheon has investors reeling, with the investment firm strongly believing that a corporate overhaul will fix the lack of income. But Mohegan is fighting back, claiming that it has been consecutively paying down its debt and there was no need for the brazen power grab. Meanwhile, in Macau, the top official has finally confirmed how reliant the SAR is on gaming revenue, noting that its efforts at diversification are not keeping up with the desired metrics.
What you need to know
- Mohegan expresses concern over Bain Capital’s control of INSPIRE, claiming that despite financial challenges, it undermines other investor interests.
- Macau’s Chief Executive admits the territory’s reliance on gaming will be hard to overcome in the short term despite diversification efforts.
On the radar
- SkyCity sees stark drop in net profit for 2H24 due to lower visitor spend.
- PAGCOR affirms support for SCBPO firms.
- Indian online gaming organizations join forces to combat offshore betting ads.
- Thailand to strengthen cooperation with China to tackle online gambling.
- PAOCC pursues case against Pasay officials amid POGO raids.
AGB Intelligence
SOUTH KOREA
Mohegan expresses concerns over Bain Capital takeover
US-based gaming operator Mohegan has raised concerns about the management takeover of its INSPIRE resort in South Korea. The firm alleges that all of its payments were in line with ‘market precedents’ and that its investment so far has been in good faith. The company now aims to stymy a takeover by Bain Capital, as it hopes to find a mutually agreeable solution, noting that the current scenario is not beneficial to stakeholders.
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