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In South Korea and the Chinese firm building an $800 million integrated casino resort near the port city of Incheon has reportedly been granted an official one-year extension to its construction deadline.
According to a Thursday report from Inside Asian Gaming, Guangzhou R&F Properties Company Limited was granted a license in 2014 that required it to have opened the first stage of the 1,087-acre facility near Incheon International Airport by the end of this month. However, the source detailed that the firm’s timeline was subsequently scuppered owing to delays linked with the coronavirus pandemic and the ensuing departure of its American operating partner, Caesars Entertainment Incorporated.
Hopeful request:
The Hong Kong-listed developer reportedly responded to these difficulties by asking the country’s Ministry of Culture, Sports and Tourism for a three-year postponement that would have given it until the spring of 2024 to complete work on a Yeongjong Island complex that is eventually set to feature a 1,250-room hotel as well as a casino offering 700 slots and 150 gaming tables. But the government department has now purportedly responded by agreeing to extend this deadline by just twelve months to March of next year despite the fact that all construction activities have been shut down since February of 2020.
Continuing allegiance:
Guangzhou R&F Properties Company Limited is reportedly nevertheless remaining committed to the South Korean endeavor and last month paid an undisclosed amount of cash so as to acquire the 50% stake Las Vegas-headquartered Caesars Entertainment Incorporated held in the development. The firm is now purportedly hoping resume construction over the course of the next few weeks so as to be able to begin welcoming guests to the project once destined to be known as Caesars Korea sometime early next year.
Analogous application:
This decision to apply for an extension is not unique as American tribal casino operator Mohegan Gaming and Entertainment was recently reportedly obliged to ask for a similar deferment concerning its $1.6 billion Inspire Entertainment Resort project, which is taking shape on 1,079 acres of land at the other end of Yeongjong Island. The firm behind the giant Mohegan Sun development in eastern Connecticut is purportedly now awaiting news on whether its own six-month delay request will be granted so as to push the five-star project’s envisioned opening date to November of next year.
Purchase consent:
In related news and GGRAsia reported that the South Korea’s Ministry of Culture, Sports and Tourism moreover recently sanctioned the agreement that saw Guangzhou R&F Properties Company Limited buy the 50% stake in the envisioned Incheon scheme, which is also known as the Midan City Resort Complex, previously held by Caesars Entertainment Incorporated. This source explained that the company will now nonetheless be required to find a new foreign operating partner for a development that is to furthermore offer a 15,00-seat area and a 205,500 sq ft conference center alongside an indoor climate-controlled dome housing retail, family amusement and dining establishments.
Source: Worldcasinodirectory, Worldcasinonews
