Casino Revenue Soars At INSPIRE But Ownership Risks Persist

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INSPIRE Entertainment Resort reported a sharp casino revenue increase in the fiscal year ended September 30, 2025, as casino operations scaled up. 

Incheon, South Korea as INSPIRE's Entertainment casino revenue surges

Image: Incheon, South Korea

Key Takeaways:

  • Casino revenue increased by 147% year-on-year, driving overall growth
  • The resort’s foreigner-only casino and expanded facilities boosted visitation
  • Capital and ownership challenges persist, with Bain Capital signaling a sale possibility

Casino Revenue Jump Anchors Growth As Resort Build-Out Gains Traction

According to AGBrief, the privately held operator’s audit showed gross gaming revenue of KRW267.23 billion (about $183.4 million), up from KRW107.94 billion the prior year, and total FY25 revenue of KRW415.98 billion ($285.4 million), nearly double FY24. Net loss narrowed to KRW154.82 billion ($106.2 million).

Casino revenue rose roughly 147% year-on-year while hotel, food-and-beverage and entertainment all contributed to the top-line improvement. INSPIRE’s results contrast to that of Grand Korea Leisure Co., Ltd. (GKL) which reported a dip of 6.4% in casino revenue year-on-year.

The INSPIRE property, which opened non-gaming facilities in late 2023 and its foreigner-only casino in February 2024, offers 1,275 rooms, a 15,000-seat arena and Korea’s largest foreigner-only casino with 159 tables and 395 slots.

Industry filings cited by Inside Asian Gaming show EBITDA turned positive in FY25 and cumulative visitors reached about 8.8 million.

Ownership Uncertainty Clouds The Outlook

Despite operational progress, capital structure and ownership remain material constraints. Bain Capital assumed management in early 2025 after an event of default. Bain took operational control and has signaled an intent to sell if a buyer emerges.

The company completed a significant refinancing in December converting project loans into secured debt at high interest rates with the credit enhancement agreement being a lingering concern for investors and lenders.