Mohegan, the US-based gaming operator that has recently launched its Incheon Mohegan INSPIRE integrated resort in South Korea, has announced a historic milestone with its highest quarterly net revenue to date, totaling $461.73 million, marking a significant increase of 13.8 percent compared to the previous year.

The company’s success can be attributed in part to the successful opening of its South Korean resort on March 5th, which has emerged as a key contributor to Mohegan’s overall financial performance.

In a breakdown of its financial results, Mohegan revealed that its international segment generated approximately $108.07 million in net revenue, despite recording a loss of $39.49 million. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for this segment stood at negative $16.58 million, primarily attributed to operating costs associated with the launch of Mohegan INSPIRE and a non-controlling interest adjustment related to Niagara Resorts.

Additionally, Mohegan’s Digital segment made significant strides, with revenues surging by nearly 71 percent to $38.77 million, according to Asia Gaming Brief. Although net income from the segment increased by 11.6 percent to $20.25 million, EBITDA also rose by the same margin, reaching $20.23 million. Overall, gaming revenue for the company exceeded $305.4 million, marking a notable increase of nearly 7 percent compared to the previous year.

Great Success in South Korea

Mohegan Tribal Gaming Authority’s latest venture, the Mohegan INSPIRE integrated resort in South Korea, recorded net revenues of $35.9 million in the first quarter of 2024, according to Inside Asian Gaming. Despite an Adjusted EBITDA loss of $24.1 million for the quarter, attributed to initial operating expenses including labor and marketing costs, the company remains optimistic about achieving EBITDA break-even in the near future.

During the earnings call, Mohegan’s Chief Operating Officer, Joe Hasson, expressed confidence in the resort’s performance, noting positive trends observed in April and May. Hasson highlighted the imminent approach of breakeven EBITDA on a month-to-month basis, underscoring the resort’s promising trajectory during its ramp-up phase. Asked about the areas where the ramp-up was most evident, Hasson cited positive momentum in both the foreigner-only casino and non-gaming segments, emphasizing the favorable reception from consumers.

Mohegan’s President and CEO, Ray Pineault, echoed this sentiment, noting that the resort had garnered positive feedback not only from the local market in South Korea but also from regions including China, Japan, and Taiwan. Pineault expressed optimism about the widespread appeal of the resort and its potential for continued success across the region.

Mohegan Gaming and Entertainment started out in 1996 with the opening of Mohegan Sun, a venue that has since then managed to become one of the top land-based casinos in the entire world. The company also owns and operates Mohegan Casino Las Vegas, Mohegan Pennsylvania, Mohegan Sun Foxwoods East Windsor along with a brand new iGaming platform in Pennsylvania.

• Shinhan Financial institution and Siam Business Financial institution SCB TechX recorded real-time low-cost remittances.
• The Hedera community pilot included worldwide stablecoin funds in South Korean Received (KRW), Thai Baht (THB) and New Taiwan Greenback (NTD).

Shinhan Financial institution and Siam Business Financial institution SCB TechX have reportedly accomplished a proof-of-concept (PoC) pilot undertaking for stablecoin remittances on the Hedera community.

This was the second PoC check on the Hedera distributed ledger community after the preliminary program launched in 2021. and by which Customary Financial institution participated. With this newest pilot undertaking, the corporate aimed to check the effectivity, price and settlement pace of worldwide funds.

1/ Persevering with their work #DLT– worldwide transfers enabled, @ShinhanBankENG – in cooperation with SCB TechX and different monetary establishments – right this moment introduced the profitable completion of a #secure coin the remittance PoC pilot is on #Hedera.https://t.co/OUAxOfU2U4

– Hedera (@hedera) in 2023 July 18

In response to the main points, shared a Press launchbanks used to settle overseas alternate in actual time in three currencies: South Korean Received (KRW), Thai Baht (THB) and New Taiwan Greenback (NTD).

Byunghee Kim, Head of Blockchain at Shinhan Financial institution, stated in a press release:

“The profitable completion of this second PoC is a crucial step ahead in making worldwide funds sooner, cheaper and extra accessible to folks around the globe… With this subsequent part of PoC, we’re excited to point out how utilizing Hedera’s EVM-compatible know-how helps get rid of middlemen, scale back prices and pace up the remittance course of..

PoC compatibility with EVM signifies that the system might be open to all EVM-based stablecoin issuers, in order the worldwide funds ecosystem expands, it’s possible that extra banks and different monetary establishments will understand its potential.

The keys are taken away

• South Korea’s monetary regulator needs corporations to reveal their cryptocurrency holdings of their monetary statements.

• That is to enhance accounting transparency amongst corporations working within the nation.

South Korea has launched a brand new cryptocurrency.

South Korea will quickly require corporations that personal or situation cryptocurrencies to reveal their holdings in monetary statements.

The nation’s monetary regulatory authority has introduced this draft on Tuesday, and if accredited, corporations holding cryptocurrencies must disclose their holdings beginning in 2024.

Underneath the brand new guidelines, corporations can be required to supply buyers with data on the quantity, traits, enterprise fashions and accounting insurance policies of cryptocurrency gross sales.

Firms may even have to supply different data corresponding to revenue, quantity and market worth of their cryptocurrencies.

South Korea goals to extend accounting transparency

Commenting on this newest cryptocurrency information, the Monetary Providers Fee (FSC) mentioned it’s taking this step to enhance accounting transparency following the adoption of the Digital Asset Person Safety Act final month.

Up to now, corporations and auditors differed on the timing and standards for figuring out whether or not promoting cryptocurrencies to prospects is taken into account a revenue. Nonetheless, the brand new guidelines stipulate that when corporations promote cryptocurrencies and different digital belongings, the gross sales can be acknowledged as a revenue after the corporate meets its obligations to its holders.

As well as, the regulatory company mentioned that prices incurred within the growth of digital belongings and platforms is not going to be categorised as intangible belongings.

South Korea stays one of many few international locations on the earth with clear cryptocurrency laws. In Could, the Nationwide Meeting accredited the invoice It requires South Korean officers to reveal their cryptocurrency holdings.

The invoice requires authorities officers to declare all cryptocurrency holdings which can be value $760 or extra. The requirement already utilized to money, shares and bonds, amongst different belongings.

• Bitcoin Money jumped to a 14-month excessive above $320, whereas Coinbase hit $326.
• BCH’s development price elevated as Wall Avenue-backed EDX coin listed alongside BTC, ETH and LTC.
• A surge in quantity on South Korean alternate Upbit helped increase CBH on Friday.

Bitcoin Money rose to a 14-month excessive on Friday morning at $326 on US-based cryptocurrency alternate Coinbase.

Why are BCH costs rising right now?

Bitcoin Money has fallen beneath $165 since final June. However bitcoin rose to greater than $31,000 on sentiment boosted by BlackRock’s ETF submitting, sending BCH to a one-year excessive.

The bulls have been relentless since then, with the worth breaching the psychological $300 barrier right now and up greater than 30% in 24 hours. The cryptocurrency is up almost 200% previously two weeks and is now up 110% over the previous yr.

Notably, BCH rose to new yr highs final week after EDX Markets, a brand new cryptocurrency alternate backed by Wall Avenue majors together with Constancy and Charles Schwab, listed Bitcoin Money. EDX solely lists three different cash, BTC, ETH and LTC.

The BCH neighborhood’s enthusiasm for the itemizing has constructed momentum. On Friday, a constructive outlook for the cryptocurrency’s potential grew on South Korea’s main cryptocurrency platform.

As cryptocurrency markets battle to keep up constructive sentiment, Bitcoin Money seems to be getting an additional leg up from South Korea. Over the previous 24 hours, the BCH/KRW pair on the cryptocurrency alternate Upbit has risen to 557 million. USD, greater than thrice that of BTC/KRW and virtually 6 instances that of BCH/USD.

Knowledge from CoinGecko exhibits that every day buying and selling quantity throughout all exchanges elevated by 165% within the final 24 hours to over 2.4 billion. Like IntoTheBlock attracts consideration toBCH quantity rose to over 750 million on Thursday.

1/2 Bitcoin Money (BCH) Up 70% in a Week #EDX, Citadel Securities Cryptocurrency Change. Yesterday noticed the best quantity of BCH transactions in a yr, surpassing a staggering 750 million. USD. https://t.co/1qZbEChogW #BitcoinCash pic.twitter.com/OEOYG61sQR

— IntoTheBlock (@intotheblock) in 2023 June 29

Because the world adapts to the next-generation web, Korea has emerged as a robust contender for the coveted title of cryptocurrency hub. With a pro-cryptocurrency president on the helm and numerous bold metaversion and Web3 initiatives launched by the federal government, Korea has cemented its place as a next-generation web chief.

Even earlier than Korea’s Internet 3 initiatives, Seoul Meta Week and Korea Blockchain Week have been distinguished as two of the nation’s premier Internet 3 conferences, attracting international consideration and appearing as key catalysts for the development of decentralized know-how in Korea and past.

These occasions present an unparalleled platform for thought leaders, traders, and builders to alternate concepts, showcase cutting-edge initiatives, and forge partnerships that drive innovation and adoption within the web3 ecosystem.

Seoul Meta Week

With only a week to go earlier than Seoul Meta Week kicks off, get able to immerse your self in a line-up of thrilling occasions on the COEX Auditorium, together with participating panel discussions that includes over 35 business influencers.

Day 1: June 29

The co-creation development of digital style and Web3 philosophy

This panel dialogue will function Kerry Murphy, founder and CEO of digital style home The Fabricant; Natalia Modenova, founder and COO of DressX; and Kaspar Tiri, co-founder and COO of Prepared Participant Me.

Time: from 11:20 a.m. to 12 p.m

Work within the X Metaverse

After the lunch break, Josh Drean, founding father of the Work3 Institute and an advisor to Web3 on the Harvard Innovation Lab, will talk about how the metaverse will form the way forward for work. He will likely be joined by Philipp Sostmann, Head of Metaverse Partnerships and Options at PwC Germany. Sostmann is acknowledged as a global thought chief within the area of labor and collaboration within the metaverse.

Time: 13.00 – 13.40

Investor Session: New Alternatives within the Metaverse

Whereas the AI ​​craze has taken over the tech world, this hearth chat moderated by UNOPND COO GD Kim could reveal new funding alternatives within the metaverse. Panelists for this session embody Jin Oh, Companion at BITKRAFT, and Dan Patterson, Common Companion at Sfermion.

BITKRAFT is a worldwide early-stage enterprise capital agency centered on gaming and immersive leisure applied sciences with greater than $850 million in funding. USD AUM throughout 5 funds, and Sfermion manages 50 portfolio initiatives spanning Web3 and Immersive Web.

Time: 14:50 – 15:00

Generative AI applied sciences pace up metaverse creation

With the AI ​​growth displaying no indicators of slowing down, SMW invited business skilled Cong Ye, Head of Generative AI and XR Merchandise at Tencent, with over ten years of expertise in AI and Metaverse Industries, to talk on the subject. Earlier than becoming a member of Tencent, Cong labored at Amazon AWS AI and led the group to construct the conversational AI service Lex from scratch, which powered the world’s first AI voice assistant, Alexa.

Time: 15:50 – 16:20

Day 2: June 30

Unlocking Model Worth within the Metaverse

As Day 2 dawns, Korea Blockchain Week will deal with digital style, gaming and meta. To kick off the day’s occasion, attendees could have the privilege of listening to a keynote from Sebastien Borget, COO and Founding father of The Sandbox.

With a deal with uncovering model worth within the metaverse, Borget will reveal the progressive methods The Sandbox makes use of to associate with manufacturers spanning leisure, gaming, training, finance and past. These partnerships have allowed firms to ascertain themselves just about within the ever-expanding digital world.

Time: 9:30 a.m. – 10 a.m

A brand new period of hyper-connectivity and the evolution of the creator economic system

Following his speech, Sebastien Borget will take part in a dynamic panel dialogue that includes Richard Chae, the revered chief answerable for enterprise operations and strategic initiatives in Roblox’s Korean market. With a formidable twenty years of expertise, Chae has gained invaluable expertise working with well-known tech and leisure giants akin to Samsung Electronics, NHN Leisure, Digital Arts, Kabam and Zynga.

Collectively, Borget and Chae will delve right into a thought-provoking dialog centered on the emergence of a brand new creator economic system within the digital world. Their insights will reveal alternatives within the digital world, paving the best way for builders to thrive on this dynamic panorama.

Time: 10:40 a.m. – 11:20 a.m

A brand new period of music leisure primarily based on the fan economic system

Korea’s thriving music leisure business owes its success to the worldwide phenomenon of Ok-pop, which has fueled a vibrant fan economic system. With hundreds of thousands of devoted followers world wide keen to put money into merchandise and live performance experiences, the business has thrived. However what does this phenomenon imply for file labels on the lookout for partnerships within the web3 area and metaverse?

To discover this intriguing subject, Warner Data VP of Web3 and Innovation Jacqui Bransky and Modhouse Co-Founder and CEO Joseph Baek will take part in a stimulating panel dialogue. Facilitating the dialog is Joshua Oh, CEO of dob Studio, well-known for creating the digital human RuiCovery, who’s an envoy for the Korean Ministry of Tradition, Sports activities and Tourism, in addition to the Korea Tourism Group. Collectively, these business consultants will delve into the implications and alternatives that come up as file labels embrace web3 and navigate the convergence of music, fandom, and the metaverse.

Time: 11:20 a.m. – 12:00 p.m

Digital style as a brand new period identification in digital worlds

Within the metaverse, avatars are digital representations of customers that permit them to uniquely and individually categorical their identities. The importance of avatar outfits can’t be ignored as they offer customers the chance to convey their individuality on this digital realm.

To delve deeper into this subject, Daria Shapovalova, founding father of the well-known digital style firm DRESSX, will give a speech the place she is going to share her insights on the matter. She is joined by Julie Krasnienko, Product Supervisor at DRESSX, who can even share her experiences and views. Collectively, they may reveal the very important position avatar clothes performs in empowering customers to precise themselves and develop their digital identification.

Time: 13:20 – 13:50

The way forward for gaming

This panel dialogue brings collectively notable figures from Korean sport firms and platforms, that includes a formidable line-up of business leaders. Prepare to achieve beneficial insights and views from Junyoung Bae, Head of NEXON Korea Intelligence Labs; Bryan Tune, who heads the Biz&Ops mission at Migaloo in Krafton; Dan Lee, an instrumental power behind enterprise growth at NOD Video games; and Kodai Morishita, a sport producer initially from Japan at GREE, Inc.

Time: 14:30 – 15:10

Korean Blockchain Week

September 4-10 The continuing Korea Blockchain Week (KBW) is the most important blockchain convention in Korea. Now in its sixth 12 months, the extremely anticipated Korea Blockchain Week will as soon as once more function the collaborative efforts of FACTBLOCK and Hashed.

This annual occasion is a platform for visionaries and thought leaders to return collectively and discover the transformative potential of blockchain know-how in finance. This cryptocurrency and blockchain extravaganza options influential figures delivering impactful keynotes, stimulating panel discussions led by globally acknowledged consultants, and beneficial networking views for traders and passionate crypto fans.

This 12 months’s version will function 52 audio system, together with distinguished web3 figures akin to:

• Yat Siu, Founder and Govt Chairman of Animoca Manufacturers
• Ryan Wyatt, President, Polygon Labs
• Hilmar Veigaras Pétursson, CEO of CCP Video games
• Frank DeGods, founding father of y00ts and DeGods
• Viktor Bunin, Coinbase protocol specialist
• Carlos Pereira, Companion at Bitkraft

KBW Principal Occasions

EFFECT

Headlining the week-long convention, IMPACT is a complete two-day convention organized by FACTBLOCK and Hashed. This September 5 and 6 The intention of the upcoming occasion is to carry collectively main consultants within the area and supply a platform for thought-provoking discussions on synthetic intelligence, blockchain know-how, cryptocurrency, DeFi (decentralized finance) and Web3.

Throughout the principle convention, attendees could have the chance to listen to immediately from business leaders and future unicorns who’re altering the world as we all know it. Attendees can count on participating panel discussions, participating workshops and top-notch networking alternatives. Tickets for IMPACT might be discovered right here.

Gateway: Korea

NFT NOW and FACTBLOCK collectively current The Gateway: Korea as a part of KBW. Going down from September 7 to eight, this two-day activation is assured to wow attendees with an immersive audio-visual gallery showcasing the work of main digital artists. Along with the gorgeous visible expertise, attendees can look ahead to an interesting program that features participating hearth chats, insightful keynote audio system and rather more.

Constructing on the success of its predecessors, The Gateway: Korea is the third installment of this ground-breaking occasion. After final 12 months’s spectacular five-day pageant triumph at Miami Basel, which attracted 12,000 guests and boasted prestigious model partnerships with the likes of Christie’s, Instagram (Meta), Porsche, FaZe Clan, RTFKT, Artwork Blocks, Alo Yoga, WME, MetaMask ”, 9dcc by gmoney and extra, The Gateway sequence continues to push the boundaries.

Gateway: Korea guarantees to form the discourse on the way forward for digital property and its intersection with artwork, music, style and tradition.

Micro Seoul Competition: SEULBOUND

Because the grand finale of Korea Blockchain Week, Micro Seoul Competition: SEOULBOUND takes middle stage, providing a mix of web3 know-how and immersive music. This occasion raises the bar with world-class DJs and visible artists. Co-hosted by FACTBLOCK, Seoul Land and RXM in Seoul’s venerable Gwacheon, the pageant marks a pivotal second for the native music pageant scene.

SEOULBOUND 2023 will debut progressive know-how installations which are certain to shock attendees. Amongst these wonders is the Rhydome, the world’s first and largest interactive sound dome that includes Dolby Atmos sound. The pageant additionally options the Bigmoon Display, a semi-circular stage that rises to a formidable top of 28 meters, the tallest in Korea. SEOULBOUND 2023 goals to embody the forward-looking spirit of the KBW convention whereas pushing the boundaries of know-how and leisure.

With KBW nonetheless months away, cautious planning is underway to arrange a complete agenda for panel discussions. Organizers are working diligently to create an interesting lineup of subjects and audio system to complement the KBW expertise. Whereas the main points are being finalized, keep tuned because the agenda takes form and also you get extra data.

Learn extra:

• Delhi’s transfer comes amid a crackdown by the SEC within the US.
• The transfer follows Haru Make investments’s current suspension of digital asset deposits and withdrawals.
• There has additionally been a pointy enhance in market volatility and elevated investor confusion.

Delio, a Korean-owned cryptocurrency lending and financial savings firm, has quickly suspended fund withdrawals because of elevated market volatility.

Based in 2018, Delio provides its prospects as much as 10.7% Annual Share Charge (APR) on their Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) holdings.

The corporate mentioned in a press release that it has taken the choice to droop deposits and withdrawals to guard its prospects, who’re presently confused by the sudden drop within the value of Bitcoin and different cryptocurrencies. A translated model of the assertion learn:

“After the current Haru Make investments. suspension of deposits and withdrawals of digital property, conditions similar to sudden market volatility and elevated investor confusion come up. In such a scenario, with a view to safely shield the property of presently protected prospects, Delio will inevitably quickly droop withdrawals from 2023. June 14 6:30 p.m. till the aforementioned scenario and its penalties are resolved.

Crypto Market Decline

Since 2021 reached an all-time excessive (ATH) of $69,000, the worth of Bitcoin fell considerably. The main cryptocurrency is down greater than 5% this week, whereas most altcoins are additionally down sharply.

With out robust capital controls and reserves, the extended bear market has made it inevitable for centralized cryptocurrency companies to cease withdrawing funds or exit of enterprise. Only some of the quite a few cryptocurrency lending platforms have managed to proceed as regular enterprise operations.

Trade heavyweights similar to Celsius, Voyager, BlockFi, Vauld, and numerous others all collapsed within the bear market.

One of many few digital asset lenders that hasn’t suspended withdrawal companies in these robust instances is Nexo, which reached $45 million final January. USD settlement with the US SEC.

• Korean officers are actually required to reveal all cryptocurrency holdings above $760.
• The invoice outlining the brand new legislation was unanimously adopted and ratified by lawmakers on Thursday, Could 25.
• The strict guidelines on the holding of cryptocurrencies by public officers got here after a scandal wherein Kim Nam-kuk alone was stated to have held 4.5 million.

Cryptocurrency information out of South Korea claims {that a} requirement for presidency officers to reveal all cryptocurrencies they maintain has been handed into legislation.

The Nationwide Meeting’s resolution to move the invoice means South Korean lawmakers and different high-ranking authorities officers will now need to publicly declare their holdings of Bitcoin or different cryptocurrencies.

Korean officers should disclose their cryptocurrency holdings

In keeping with an area information report by News1, the nation’s Nationwide Meeting unanimously handed the “Kim Nam-guk Prevention Regulation” on Monday, Could 22, and accepted it in plenary session in 2023. on Thursday, Could 25.

The invoice comes days after it was revealed that former opposition social gathering member Kim Nam-kuk had about 4.5 million yuan price of cryptocurrency belongings on the Wemix change. The revelations brought on an uproar, and allegations of cash laundering surfaced.

Amendments to South Korea’s Nationwide Meeting Act and Public Service Ethics Act now require public officers to adjust to the legislation in the event that they maintain any cryptocurrencies.

Particularly, affected people must declare all cryptocurrency holdings which are $760 or extra. Requirement to reveal money, shares and bonds, along with different belongings.

• A subcommittee of Korea’s parliament has authorised a invoice to incorporate cryptocurrency in asset disclosure necessities.
• The modification seeks to reveal digital belongings to senior public officers, together with lawmakers.
• Requires transparency for lawmakers to suggest revisions associated to public workers’ possession of digital belongings.

A subcommittee of South Korea’s parliament authorised a invoice on Monday to incorporate cryptocurrency and different digital belongings in annual asset disclosure necessities for elected and high-ranking authorities officers, a neighborhood information platform reported.

The aim of the modification is to incorporate digital belongings within the scope of property reporting and disclosure to senior public officers, together with legislators. The patch is scheduled to be delivered on Could 25. in plenary session, if authorised by the Laws and Judiciary Committee.

Nevertheless, the ultimate adoption of the modification ought to happen on the twenty fifth. within the plenary session, which was held on 24 shall be convened by the Haengan Fee.

The Committee on Public Administration and Safety handed a proposed revision of the Public Service Ethics Act within the wake of the cryptocurrency scandal involving impartial lawmaker Kim Nam-kuk.

The primary-term lawmaker, previously of the Democratic Get together, has come beneath scrutiny after it emerged that he was working for the 2021 presidential election. he owned roughly 800,000 Wemix cash. This amounted to roughly 6 billion received, which was 4.5 million US {dollars} on the time, which was a really great amount. that went in opposition to his frugal public picture.

Kim didn’t embrace these belongings in his private wealth disclosure as a result of South Korea’s cryptocurrency legal guidelines don’t presently require the declaration of digital belongings equivalent to cryptocurrencies. The regulation mandates disclosure of belongings equivalent to money, shares, bonds, gold, jewellery, antiques, and memberships, however doesn’t embrace digital belongings.

In response to rising public calls for for transparency within the possession of digital belongings by public servants, a number of lawmakers have proposed related amendments. These proposals purpose to unravel this drawback.

In the meantime, the overview is anticipated to go earlier than parliament’s Regulation and Judiciary Committee on Wednesday earlier than being launched to the plenary later this week.