A long-planned resort in Korea’s Incheon Free Economic Zone is likely to be delayed once more. Hong Kong-listed Guangzhou R&F Properties has filed another request with the Ministry of Culture, Sports and Tourism to extend the construction deadline of its Midan City Resort Complex development by two years—until March 2024.
According to Inside Asian Gaming, the company’s R&F Korea subsidiary is the project’s sole owner, having bought out the 50 percent stake held by its former partner, US casino giant Caesars Entertainment last year.
It’s the second time company has sought the extension; an initial request was denied, with the company instead given 12 months, until March 2022, to complete the project and only on the condition that it pay US$27 million in costs owed to the main construction company, Ssangyong E&C, which ceased work on the project in February 2020.
Its latest application to extend the construction deadline includes a commitment to increase the project budget by 5 percent, IAG reported. Local authorities demanded the additional investment from both RKFR and Mohegan Gaming & Entertainment, which is developing another integrated resort in the area, Inspire Korea.
The Ministry of Culture, Sports and Tourism is reportedly planning to form a committee to review RFKR’s proposal. The project, currently stalled at a 25 percent completion rate, is slated to include a foreigner-only casino, 751 hotel rooms, a theater and a convention space.
Mohegan announced last week that construction on Inspire has resumed after the company completing financing late in 2021.
