The tribal-owned casino business itted it did not satisfy certain financial covenant tests, but highlighted it has not missed a payment of principal or interest.
It added Bain has rejected several proposals to amend the agreement in line with market precedents, and instead countered with potential deals that would see it receive large payments ahead of other lenders.
Bain takes over Inspire from Mohegan
The operator said in a statement: “We have been and will continue to attempt to negotiate in good faith with Bain Capital to find a mutually agreeable solution that allows us to be continuing partners with the people of Korea and our various stakeholders.
“We do not believe the change-of-control pursued by Bain Capital is in the best interests of the property, its team and customers, other lenders and various key stakeholders.”Mohegan added it has made commitments to a variety of stakeholders when developing the site, including the Mohegan people and the people of the Republic of Korea.
In a statement sent to various media outlets earlier in the week, Bain said the strategic move to take control of the property reinforced its commitment to ensuring the success of the resort.
There would be no impact to Inspire’s employees, guests, or day-to-day operations, the fund added.
Bain said: “Inspire’s existing management team and Bain Capital are working closely to ensure business continuity while implementing enhancements that will strengthen the resort’s market position.”
Inspire, which is Korea’s largest visitor only casino, opened in March 2024 after a soft launch in autumn the previous year and is set to continue opening in multiple phases until 2046.
