The developer of Midan City, an unfinished integrated resort (IR) in Incheon, South Korea may be looking for a partner to provide capital to finish the project and also operate the resort and casino.
According to Inside Asian Gaming, citing local media outlet eDaily, the development is at “the crisis point.” Construction of the project, once helmed by U.S.-based Caesars Entertainment, was suspended more than two years ago, and developer R&F Korea can’t come up with the KRW28 billion (US$20 million) needed to resume construction.
Making matters worse, the firm has failed to meet conditions set by Korea’s Ministry of Culture, Sports and Tourism when it granted a previous 12-month extension. R&F Korea is now relying on foreign operators to salvage the project, but none have stepped up to date. Midan City was supposed to become Incheon’s third IR alongside Paradise City, which opened in 2016, and Mohegan’s Inspire Korea, which is slated to open in 2023.
At present, the project is only 25 percent complete.
If completed, Midan City would include a foreigners-only casino, a 751-room hotel, a theater and a convention center, among other attractions.
