R&F Korea, developer of a casino resort in South Korea’s Incheon Free Economic Zone, tells GGRAsia it has asked the country’s Ministry of Culture, Sports and Tourism for another 12 months to finish and open the facility, which would feature a foreigners-only casino.
R&F also confirmed that it plans to scale back the project, which was scheduled to open on March 17. It has sold a 962,000-square-foot land parcel at the site that had been reserved for a third phase of development, and is also working to sell another plot, about half that size, once earmarked for a second phase. The company no longer plans a second or third phase of development.
Per the news site, R&F is linked to “pressured Chinese real estate developer” Guangzhou R&F Properties Co. Ltd., which needs to sell the land to fund the casino.
Since 2018, the resort project has undergone several changes of hands and plans. At the start, Caesars Entertainment Corp. was the casino partner. The casino was then taken over by Eldorado Resorts, until that operator dropped out of the project in 2021.
The most recent extension came with conditions, which included naming a new gaming operator, resuming construction and verifying the funding package.
