R&F Korea (RFKR), promoter of a stalled foreigner-only casino project (pictured in a file photo) at Incheon, South Korea, plans by December 29 to make a request to the authorities there to delay again its opening date, this time by a further 12 months. That is according to comment by the firm to GGRAsia, in response to our enquiry.
A quarter of the slated development work had been done, up to the time construction was suspended several years ago.
The current construction deadline – the latest in a series, with the others all having been missed – is March 17, 2024, as set by South Korea’s Ministry of Culture, Sports and Tourism.
RFKR, an entity linked to the financially-troubled Chinese real estate group Guangzhou R&F Properties Co Ltd, had in theory a December 16 milestone to give the ministry notice that it needed more time.
An official at the ministry had clarified to GGRAsia on December 13 that RFKR would be permitted – at what the ministry termed the company’s own risk – to make a request for a fresh extension “beyond the deadline” [milestone] for giving notice.
RFKR has previously been allowed four pushbacks on launch date since 2018, a period when Caesars Entertainment Corp was the casino partner on the scheme. It emerged in early 2021 that the casino brand – acquired by U.S. regional casino business Eldorado Resorts Inc – had divested its stake in the South Korea resort project.
The RFKR scheme is at Yeongjong Island, near the country’s main air hub, Incheon International Airport.
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