An unfinished casino resort in the Incheon Free Economic Zone in South Korea has won yet another extension to complete and open its first phase. The resort is being built on Yeongjong Island, near Incheon International Airport.
GGRAsia reports that the project of R&F Korea (RFKR) was originally set to open on March 17 of this year. In the fourth revision of the deadline, South Korea’s Ministry of Culture, Sport and Tourism has pushed out that date a full 12 months, to March 17, 2024.
The project has been in some stage of development since 2018, when U.S.-based Caesars Entertainment was the casino partner. That alliance ended when Caesars was taken over by another U.S. company, regional casino company Eldorado Resorts.
Construction at the site was suspended in 2020, according to the Incheon Free Economic Zone Authority (IFEZA), which is overseeing the project. At present, it is only one-quarter complete.
An RFKR representative told GGRAsia that the latest extension came with “conditions.” Construction of the resort must resume, and the company must lock in both a gaming operator and an outside investor.
R&F is linked to Hong Kong-listed Chinese developer Guangzhou R&F Properties Co. Ltd. Its planned resort will feature a foreigners-only casino.
