South Korea’s prominent integrated casino complex, INSPIRE Entertainment Resort, reported a sharp rise in revenue for the financial year ending 30 September 2025, although the business continues to operate at a loss as it navigates high costs and ownership uncertainty.
According to audited financial filings reported to South Korea’s Financial Supervisory Services (FSS), gross gaming revenue (GGR) reached KRW 267.23 billion ($181.7 million), more than doubling from KRW 107.94 billion ($73.4 million) in the previous fiscal year. Total revenue for FY25 climbed to KRW 415.98 billion ($282.9 million), almost double the KRW 219.04 billion ($148.9 million) recorded in FY24.
Source: Audit Report to South Korea’s Financial Supervisory Services
Direct year-on-year comparisons remain difficult. INSPIRE’s foreigner-only casino officially opened in February 2024, following a soft launch of non-gaming facilities in November 2023. As a result, FY25 represents the resort’s first full year of casino operations. Despite the strong revenue growth, INSPIRE posted a net loss of KRW 154.82 billion ($105.3 million). This was a marked improvement from the KRW 265.44 billion ($180.5 million) loss reported a year earlier.
Analysts say the narrowing losses point to early progress in stabilising operations, even as the resort remains distant from profitability. Non-gaming activities continued to play a central role in overall performance. Hotel room revenue rose to KRW 56.24 billion ($38.2 million), up from KRW 46.17 billion ($31.4 million) in FY24. Food and beverage revenue increased to KRW 51.7 billion ($35.2 million), compared with KRW 38.95 billion ($26.5 million) a year earlier.
The revenue from entertainment, retail, and other attractions, including INSPIRE’s 15,000-seat arena, reached KRW 32.14 billion ($21.9 million), up from KRW 22.22 billion ($15.1 million) in the previous financial year. Industry observers note that while these facilities help drive footfall, they also carry high operating and maintenance costs.
INSPIRE was originally developed by Mohegan, a Native American tribe based in Connecticut, marking its first major project outside North America. The KRW 2.2 trillion (€1.5 billion) resort features three five-star hotels with 1,275 rooms, a large K-pop arena, extensive retail space, and South Korea’s largest foreigner-only casino.
The casino houses 159 table games, 395 slot machines, and a 195-seat electronic table games stadium. However, gaming performance in the early months was reportedly below expectations, with casino revenue and table drop figures falling short of initial projections.
In February 2025, private equity firm Bain Capital took operational control of the project after calling in a KRW 370 billion ($251.6 million) loan two years ahead of schedule. Bain acted after Mohegan failed to meet certain growth-related loan covenants, despite continuing to service interest and principal repayments.
The move effectively removed Mohegan from day-to-day control of a project it had spent nearly a decade developing. Bain has since assumed management responsibility and launched a strategic review, including exploring operational partnerships and a potential sale process.
INSPIRE also faced external headwinds. A temporary decline in foreign tourism following political uncertainty in South Korea in late 2024 affected visitor numbers. The resort remains heavily dependent on foreign tourists, particularly from China, although recent moves to restore visa-free group travel are expected to support future growth.
Bain Capital has said operational improvements are underway and that visitor numbers and GGR have begun to recover. Analysts say INSPIRE’s performance in 2026 will be closely watched as the new owner reshapes strategy and assesses the resort’s long-term prospects in South Korea’s competitive foreigner-only casino market.
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