Development of a South Korean integrated resort project formerly led by US gaming giant, Caesars Entertainment, has been given a 12-month extension to the construction deadline after Caesars pulled out of the venture and sold its 50% stake to former partner, Guangzhou R&F Properties Co Ltd.
According to local media reports in South Korea, the Ministry of Culture, Sports and Tourism has approved the change in ownership structure for the Midan City Resort Complex – previously known as the Caesars Korea Resort Complex – but rejected a request to extend the completion deadline by three years until 2024. Instead the project was given another 12 months with the new opening date set for 2022.
Construction on the project has been halted since February 2020 after the main construction company, Ssangyong E&C, was unable to cover KRW30 billion (US$27 million) in costs after Caesars stopped any further investment.
Under the new ownership structure, it is expected that development can now resume before the end of March 2021.
The Midan City Resort Complex is located in Yeongjong Island, Incheon. Covering a total area of 3.8 hectares, it will include a casino, 751 hotel rooms, a theatre and a convention space upon completion.
Another Incheon integrated resort project being developed by US tribal casino operator Mohegan Gaming & Entertainment is currently awaiting approval on an extension of its own.
Local media reports said the Inspire Korea project had requested an extension of six months from its current June 2022 deadline due to delays caused by the global Covid-19 pandemic.
Phase 1 of Inspire Korea – located near Incheon International Airport – will cover 1.6 million square meters and include 150 gaming tables and 700 slot machines, a 15,000-seat arena, an indoor climate-controlled dome with a pool and rides, dining and retail, a 19,000-square meter conference and convention space, and 1,250 hotel rooms.