Inspire Entertainment Resort’s Chen Si talks about exceeding expectations, future growth
The Mohegan INSPIRE Entertainment Resort, which launched its casino operations earlier this year, has already surpassed expectations, with over two million visitors in its first ten months. According to the latest analysis from CBRE, the property in Incheon, South Korea is also projected to achieve positive EBITDA in 2024. The South Korean resort, which had a grand opening in March, has quickly become a key revenue source for Mohegan, a U.S.-based operator.
Chen Si, President of INSPIRE Entertainment Resort, shared the resort’s performance, gaming and non-gaming offerings, corporate social responsibility efforts, and plans for the future in an exclusive interview with SiGMA News. The resort was the venue of SiGMA Asia Land Based Retreat in August.
Major attraction in South Korea
Despite being a relatively new player in South Korea’s entertainment and tourism sector, INSPIRE has managed to establish itself as a major attraction. Si highlighted the resort’s successful start, saying, “It exceeded our expectations in many regards.” The resort, which had its soft launch in November 2023, formally opened its casino in February 2024 and celebrated a grand launch in March 2024.
“Our total visitation right now, we’ve exceeded 2 million visitors in the last 10 months. And we’re tracking probably 5 million for the first year,” Si noted. He emphasised that while gaming is a critical aspect of the business, INSPIRE offers a wide range of non-gaming activities, attracting a diverse crowd that includes local visitors. “This is really much more than a casino,” he said. “A lot of it is actually locally driven for non-gaming attractions.”
Positive impact on Mohegan’s outlook
Inspire Entertainment Resort is a part of the Mohegan Gaming & Entertainment portfolio, which operates other major casinos in North America. Analysts have noted that INSPIRE’s early success bodes well for Mohegan’s overall performance.
When asked about the positive outlook for Mohegan, Si acknowledged the pressure to maintain this momentum. “I think we certainly have the potential to be one of the major contributors of revenue to the group, but we’re still ramping. So, the pressure is always there to perform. But within the group, we have the flagship, we have a couple of the properties [that] are the similar size and that are performing well as well, ” Si said.
“There is always financial pressure, but we also focus on expanding the Mohegan brand and our culture globally,” he said. “We want to be good neighbours; we want to be good participants in the local economy.”
Navigating regulatory constraints
Operating a casino in South Korea comes with unique challenges, such as restrictions that limit gambling to foreigners only. However, Si stressed that Inspire was designed with these regulations in mind.
“We knew that was the context of the licence, so there was no surprise,” Si said. The resort’s focus on non-gaming amenities has proven to be a strategic advantage. “We have seen very strong demand from local families and staycations,” he remarked, noting that the resort’s arena and entertainment offerings have been particularly popular among non-gaming visitors.
Integrated Resorts: The future of gaming
Mohegan INSPIRE Entertainment Resort in Incheon, South Korea.
The Inspire President noted a growing trend towards integrated resorts (IR) that offer more than just gaming, especially in Asia. “It’s evolving more towards a Las Vegas model, which is sort of who we are,” Si explained. This trend has been observed in various Asian markets, including the Philippines and potentially Thailand.
According to Si, this evolution allows resorts to expand their customer base beyond just casino patrons. “We serve our local Korean customer, we serve other vacationers from regions who don’t want to gamble,” Si stated, highlighting the resort’s efforts to cater to non-gamers.
Boosting the local economy
INSPIRE’s contributions to the local economy extend beyond attracting tourists. The resort has created nearly 3,000 jobs, a number expected to grow to 3,500. Most of these positions have been filled by young college graduates, reflecting INSPIRE’s commitment to fostering local talent.
“We partner with over 30 universities in Korea to prepare their graduating class for opportunities in this business,” Si explained. The economic ripple effects of INSPIRE’s operations are also felt throughout the community. “We bring in millions of visitors who don’t just stop at INSPIRE. They also visit local supermarkets, gas stations, cafes, and restaurants,” Si noted.
Local business owners have expressed appreciation for the increased foot traffic and revenue. “When I go visit restaurants nearby, I often hear from the owners, ‘Hey, thank you for opening INSPIRE, because our business has gotten better,” he shared.
Community engagement and corporate social responsibility
In addition to economic contributions, INSPIRE is committed to social initiatives and community engagement. According to Si, the resort has formed partnerships with local charities and international organizations such as the World Wildlife Fund (WWF).
“We do what we can to maximise our impact on the local communities,” Si stated. He emphasised that these efforts align with Mohegan‘s ethos of the “spirit of Aquia,” a philosophy centred on building strong community relationships and being a positive force in society.
Take on regional competition
With just almost a year in operation, INSPIRE aims to continue expanding its offerings and solidify its position as a key player in the region’s entertainment sector. Si acknowledged the competitive landscape, particularly with other integrated resorts emerging across Asia. However, he remained optimistic about INSPIRE’s unique position and future growth. “We’re still exploring ways to maximise our non-gaming offers,” he said. “The start has been good, and we’re optimistic about continuing to draw in visitors and contributing to the local and regional economy.”
“We call this building Phase 1A because we do have Phase 1B, and that is something we’re discussing with the Korean government as we speak. [That is] something that we plan to talk about next year more publicly, ” Si shared. “Our team is very focused on delivering the service standards, broadening our customer base, building the brand regionally, and getting everybody experiencing Inspire, which is a little bit different from your typical IRs in the region.”
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