South Korea's Inspire Entertainment Resort recently announced the appointment of Steve Wolstenholme, who has been battling in the Asian casino circuit for over thirty years, as the Chief Casino Officer. This new helmsman has managed top projects such as Vietnam's Hoi An South, Manila Okada, and Galaxy Macau, with a resume that can be described as luxurious. However, what he took over is a hot potato—Inspire's first year of operation, despite its popularity, suffered losses exceeding $104 million due to high opening costs and low table rake rates, and the original operator Mohegan has been ousted by the capital side Bain Capital. Simply put, this is about bringing the veteran out to save the day and pave the way for a possible handover. Want to know the latest insider stories about changes in management and capital games in Asian integrated resorts? PASA official website continues to track frontline dynamics.
First, a thirty-year veteran of Asian casinos parachutes into Inspire
Wolstenholme's resume is almost engraved with the expansion history of Asian integrated resorts:
2018-2025: President and CEO of Vietnam's Hoi An South Integrated Resort, later left due to leadership restructuring.
Previously: President of Manila Okada Casino, Chief Operating Officer of Galaxy Macau.
Earlier: Experience managing tribal and commercial casinos in the United States.
Inspire's task for him is to completely devise casino strategies, optimize operational processes, and draft medium and long-term growth plans. Wolstenholme stated that he will use his thirty years of practical experience to "work with Inspire's talented team to build a leading integrated casino resort in Asia."
Second, major management overhaul: from CEO to marketing director all updated
Wolstenholme's joining is another key move in Inspire's management restructuring over the past six months. In recent months, the company has continuously introduced several industry veterans:
•April 2025: Shirley Tam appointed as Chief Casino Marketing Officer, Hanna Lee as Senior Vice President of Strategic Marketing (focusing on non-gambling business).
•August 2025: Sangwon Lee joined as Chief Transformation Officer, aiming to "enhance competitiveness and drive sustainable growth."
•October 2025: Gyubum Ko succeeded Chen Si as CEO.
•February 2026: Steve Wolstenholme appointed as Chief Casino Officer.
The new CEO Ko described Wolstenholme as an "expert with significant achievements in operations, finance, governance, and ESG," and believes this series of personnel arrangements will accelerate Inspire to become a "world-class integrated resort perfectly blending entertainment and relaxation."
Third, glamorous opening followed by billion-dollar losses and capital change of hands
Inspire opened with fanfare in March 2024, operated by Mohegan Gaming, touted as the "Las Vegas of South Korea." The facilities are top-notch:
Only open to foreigners casino (only Gangwon-do casino in South Korea is open to locals)
1275 hotel rooms
15,000 seats multi-purpose performance venue
Indoor water park, convention facilities
Adjacent to Incheon International Airport, covering an area of 4.36 million square meters
However, after a year of operation, high initial costs and lower than expected table win rates led to losses exceeding $104 million. In February 2025, creditors Bain Capital took over the resort, with Mohegan exiting. Bain then attempted to sell in May of the same year but found no buyers. Industry analysts believe that Bain is not a long-term holder and is likely to sell the project for cash after improving operations—this appointment of Wolstenholme is precisely to "repair assets and lift valuations."
Fourth, South Korea's 18th foreigner-only casino, competition intensifies
Inspire is South Korea's 18th casino and a core project of the Incheon International Airport economic circle. Except for the Gangwon-do casino, all casinos in South Korea are only open to foreigners. This means that Inspire's customer base highly depends on international tourists. As relations between Japan and South Korea warm up and Chinese tourists gradually return, the passenger flow advantage of Incheon Airport begins to show, but intense homogeneous competition also makes "attracting" and "retaining" customers increasingly difficult.
Wolstenholme's successful experience in multiple Asian markets is exactly the "antidote" Bain needs. However, facing billion-dollar losses, short-term capital profiteering, and local market restrictions, whether this veteran can continue to create legends in South Korea remains to be seen over time.
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This article is from "PASA-Global iGaming Leaders," a gambling industry news channel:https://t.me/pasa_news
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