Despite reports of financial issues with their South Korean projects, Mohegan and Caesars are confident with Asian projects. Both gambling operators could not secure funding for their integrated resort projects in Midan City due to the pandemic.
Caesars said that they had disagreements with local partners regarding repayment of outstanding debts. Development in Midan City has stopped since February. As a result, there was a delay in constructing the MGE’s Inspire and Caesars Korea.
Caesars’s project has a $700 million budget. However, it only managed to get $150 million so far. It hasn’t obtained any funding for the project since February. The company hopes to get more funding through external sources.
Mohegan and Caesars are Confident with Korean IRs
According to online bookie software experts, casino operators need up to four years to recover from the pandemic. However, it is difficult to find investors who want to invest in incomplete projects.
Based on sports betting software solution reports, Caesars Entertainment’s international plans before its merger with Eldorado Resorts were completed in July 2020. However, the merger resulted in the company’s withdrawal from IR biddings.
Eldorado told pay per head software providers that they will focus on the US market. On September 30, Caesars signed a deal with William Hill to gain more shares of the US sports betting market.
Mohegan’s IR in Midan City is only 14 percent complete. According to the company, it is confident that they can complete the casino by 2022. Mohegan had to close all its casinos in North America due to the pandemic. However, it has high expectations for the casino resort complex in South Korea.
The gambling operator said that it is still committed to the Inspire Incheon casino resort. It will have 1,250 luxurious rooms, a traditional Korean spa, golf course, casino, retail stores, and a swimming pool.
