Construction of the RFKR Resort (pictured), a part-built foreigner-casino project in Incheon, South Korea, is yet to restart, according to information collated by GGRAsia. In April, the project’s promoter had been given three months to restart building work.
The project is being developed by R&F Korea, a firm linked to Hong Kong-listed Chinese developer Guangzhou R&F Properties Co Ltd.
In late April, the South Korean government had confirmed to GGRAsia that R&F Korea had to restart building work within three months, or the authorities would 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.
A representative from R&F Korea, as well as a spokesperson from the country’s Ministry of Culture, Sports and Tourism, confirmed to GGRAsia this week that construction of the RFKR project was still stalled.
According to R&F Korea’s representative, construction has not yet resumed because the company is still seeking investors. The company is also trying to sell one more plot of land near the project site, to secure additional funds to cover the construction costs, the person added.
The ministry spokesperson, however, told GGRAsia that finding “a new investment partner” was not a pre-condition for R&F Korea to resume construction by July. It also said that R&F Korea had in April guaranteed that it would be able to quickly complete the land sale.
“We will keep reviewing the project situation during October,” stated the person, without saying specifically what could be the consequences for R&F Korea.
In its reply to GGRAsia, R&F Korea “acknowledged” that it hadn’t “fulfilled the conditions” agreed in April with the local authorities.
“We are still working to fulfil our commitment, and, so far, we have been submitting [to the local authorities] proof of foreign direct investment every quarter,” added the person.
R&F Korea said previously that it might take about “15 months” to complete construction of the project, in addition to any administrative procedures that are yet to be finalised.
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