GGRAsia – R&F Korea to ask extra 12mths to launch casino scheme

R&F Korea to ask extra 12mths to launch casino scheme

Jan 30, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck

R&F Korea (RFKR), promoter of an under-construction casino report project in the Incheon Free Economic Zone in South Korea, is to apply by Tuesday (January 31) to push back by another 12 months the deadline for it to open, and intends also to scale down the scope of the scheme, the company has confirmed to GGRAsia. The current deadline for launch is March 17 this year.

The company also affirmed to GGRAsia that it had already sold off – to raise money – a land plot of 89,385 square metres (962,132 sq feet) at the site that had been earmarked for a third phase. RFKR added that meant it was no longer aspiring to have a third phase. The scheme (pictured in a file photo) is near South Korea’s main air hub, Incheon International Airport, and its casino would be restricted to serving only foreigners

The company further confirmed to GGRAsia that it has been negotiating to sell a plot measuring 50,805 square metres, that had been earmarked for a second phase. If it secures a buyer, the firm would also give up on having a second phase for the scheme.

GGRAsia reported last year that RFKR – linked to pressured Chinese real estate developer Guangzhou R&F Properties Co Ltd – had been looking to sell some of its Incheon land, to help fund the gaming resort scheme.

Were a new opening deadline to be granted by South Korea’s Ministry of Culture, Sports and Tourism, it would be the fourth modification of the launch schedule since 2018, a period when the pre-merger Caesars Entertainment Corp was the casino partner. It emerged in early 2021 that the casino brand – by then taken over by U.S. regional casino operator Eldorado Resorts Inc – had disposed of its interest.

A representative of RFKR said, in response to a GGRAsia telephone enquiry on Friday, the firm would outline to the ministry what progress it had made to meet the conditions for a further timetable extension.

The last time there was an extension, the conditions encompassed finding a new gaming-operator partner; resuming construction of the then-paused first phase; and clarifying the financing plan.