The Midan City Resort Complex, a South Korean integrated resort and casino project originally conceived by Caesars Entertainment, is unlikely to open before 2025, according to the Korea News.
The project is now helmed by Chinese development firm Guangzhou R&F Properties. Construction of the resort hit pause in early 2020 due to the Covid-19 pandemic, reported Inside Asian Gaming. The company asked the Ministry of Culture, Sports and Tourism for a three-year extension to its deadline, but won only a 12-month extension until late 2022.
However, there is also no sign that construction will begin anytime soon with Guangzhou R&F said to be on the lookout for more financing as well as a new operator partner in the wake of Caesars’ withdrawal. The two companies had been partners in the project, previously called Caesars Korea Resort Complex, before Caesars withdrew in January and sold its 50 percent stake back to Guangzhou R&F.
According to the Korea News report, only 25 percent of the casino complex has been completed, leaving little time to meet its current December 2022 deadline. It also notes that 60 percent of the land comprising the broader Midan City complex remains unsold, stalling the Incheon Free Economic Zone Authority’s development plans for the region.
The report notes, however, that there is no limit to the number of extension requests R&F Properties is permitted to submit, meaning it will likely request a 12-month extension every year until completion – speculated to be in late 2024 or early 2025.
R&F itself has been undergoing some key structural changes in recent months, including liquidation of its Korean subsidiary, Tianli Korea Construction, in order to streamline operations. Tianli had been the company on site developing Midan City Resort Complex.
If and when complete, Midan City will include a casino, 751 hotel rooms, a theater and convention space.
A spokesperson for R&F Properties told Korea News, “The resumption of the construction of the casino complex has not been carried out yet, and there is no set schedule for the future.”
