The stalled Midan City integrated resort (IR) project in Incheon, South Korea may have some life in it, after all.
More than two years after construction ground to a halt, developer R&F Korea (RFKR) has announced that the Marriott International hotel group has signed on to be part of the resort complex. Per Casino.org, the two entities are now working on interior design changes.
Work on the project ended in February 2020 when Caesars Entertainment dropped out of the project, forcing RFKR to seek a new capital funding source. RFKR needs at least KRW28 billion (US$20 million) to get construction back on track.
The developer is reportedly talking with two investors and could lock down funding by the end of the year. A report in Incheon Today said the company is also negotiating with potential casino operators from Macau, Singapore and Europe; those operators were not identified.
Meanwhile, the clock is ticking on the project. As reported by Inside Asian Gaming, Korea’s Ministry of Culture, Sports and Tourism gave RFKR a 12-month extension to finish construction this year, provided that it increase its total project investment by 5 percent and resume development in the first half of 2022. That hasn’t happened, and the resort remains just one-quarter finished.
Now, with funding in sight and the reported participation of JW Marriott, the IR could go on to become Incheon’s third IR, joining Paradise City, which opened in 2016, and Mohegan Gaming & Entertainment’s Inspire Korea, due to open in 2023. The complex will include a casino, 751 hotel rooms, a theater and a convention space among other attractions and facilities.
