After warning about debt problems early this year, casino operator Mohegan Tribal Gaming Authority announced that it has issued $1.2 billion in new secured notes as part of a refinancing.
Following a $234.5 million loss in the 2024 fiscal year, Mohegan said in January it was at risk of defaulting on several loans. It attributed the loss primarily to costs related to the opening of the new $1.6 billion Inspire Entertainment Resort in South Korea.
On April 10, a subsidiary of the company, Mohegan Escrow Issuer LLC, closed on a private offering of $750 million of 8.25% first-priority senior secured notes due in 2030, and $450 million of 11.875% second-priority senior secured notes due in 2031.
