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.
Oct 15, 2021A Macau court was told on Friday that a US$12-billion claim against United States-based casino group Las Vegas Sands Corp (LVS) and some of its units, over alleged help securing its Macau gaming...
Oct 15, 2021
Oct 15, 2021
"The Macau recovery continues to be disrupted by false starts, while the lack of [Chinese] public holidays for rest of the year should cap the pace of the rebound”
Andrew Lee and David Katz
Analysts at brokerage Jefferies LLC