GGRAsia – Completion of RFKR Resort to take 15 months: promoter

Completion of RFKR Resort to take 15 months: promoter

May 25, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck

Construction of the RFKR Resort, a part-built foreigner-casino project in Incheon, South Korea, might take about “15 months” to complete, in addition to any administrative procedures that are yet to be finalised.

The timeline was confirmed to GGRAsia by an executive from the project’s promoter, R&F Korea, a firm linked to Hong Kong-listed Chinese developer Guangzhou R&F Properties Co Ltd.

The representative said the proposed construction timeline had been submitted to the country’s Ministry of Culture, Sports and Tourism, which oversees the country’s casino industry. The 15-month period mentioned for construction did not account for the time needed to complete the administrative work, the person added.

“We are currently reviewing and preparing the site in order to resume construction. We have assured the ministry that we would submit a progress report every three months,” stated the R&F Korea’s representative, who asked not to be named.

In late April, the South Korean government had confirmed to GGRAsia that R&F Korea must restart building work within three months, or the authorities might reconsider the latest 12-month extension on the first-phase deadline.

Conditions for the first-phase deadline extension to March 17, 2024, covered several points.

They included: submitting by July proof that construction had resumed; providing within 12 months a casino-operations plan and evidence of a casino partner; submitting an investment pledge within the same time frame; and reporting on a quarterly basis, evidence of foreign direct investment by RFKR.

The project, within the Incheon Free Economic Zone, is near to several other resorts with foreigner-only casinos.

The R&F Korea executive also spoke to GGRAsia about the process of obtaining financial resources to complete the casino resort scheme.

The casino resort promoter has been receiving investment proposals from foreign investors, and is also seeking South Korea-based investors, added the person.

The company is also trying to sell one more plot of land near the project site, to secure additional funds. R&F Korea already sold one plot originally earmarked for residential apartments.

“Our construction delays to date are not unusual, as such delays due to funding problems are common in the country; some famous buildings here took 15 years to develop,” stated the executive.

A local politician representing the area where the RFKR Resort is located has recently told GGRAsia that the site should not be left to languish, as it was a “prime” element in the promotion of Yeongjong Island as a casino cluster.