The Chinese former partner of United States-based gaming brand Caesars in an Incheon, South Korea, casino scheme, has been given only a one-year postponement for opening the first phase of the venue, not the three-year delay it was seeking.
That is according to a spokesperson from South Korea’s Ministry of Culture, Sports and Tourism approached by telephone by GGRAsia on Thursday morning.
No reason was given to GGRAsia by the ministry spokesperson for the ministry limiting the postponement to one year. A first phase of the scheme (pictured in an artist’s rendering) had been due to open on Wednesday (March 17) according to information previously given to GGRAsia.
As well as a one-year delay being permitted, the ministry also approved the taking on by the Chinese investor – Hong Kong-listed Guangzhou R&F Properties Co Ltd – of a stake in the scheme that had previously been held by U.S. casino brand Caesars Entertainment. The development had been tagged “Caesars Korea Resort Complex”.
The scheme, also referred to as Midan City Resort Complex, is now being promoted by an entity called R&F Korea (RFKR).
According to previous information given to GGRAsia from an official of the Incheon Free Economic Zone Authority (IFEZA), the public body overseeing the site, the ministry requires the RFKR entity to find a new partner for the venture; one with casino-operations experience.
Apr 22, 2021Japan was likely to remain a major opportunity for investment by international casino firms, though the eventual level of return on capital investment was subject to many variables. So heard a...
Apr 22, 2021
Apr 22, 2021
”The [VIP and premium-mass] segments are following very different trajectories, and we would expect that to continue for the time being”
Chief operating officer of Macau casino operator Sands China