The South Korean government confirmed to GGRA that promoters of the Incheon RFKR resort casino business must resume construction work within three months, otherwise they may review the 12-month extension with the first phase deadline.
R&F Korea (RFKR) is a Hong Kong-listed Chinese developer, Guangzhou R&F Properties Co. Ltd.
The promoter had been looking for a gaming operating partner for a foreign-only casino scheduled on the site since Caesars Entertainment withdrew before the merger a few years ago.
South Korea's Ministry of Culture, Sports and Tourism told GGRA's local correspondent this week that the conditions for extending the first phase deadline to March 17, 2024 included several points.
These include submitting evidence that construction has resumed by July, planning casino operations and providing evidence from casino partners within 12 months, submitting investment pledges within the same time frame, quarterly reporting and RFKR's foreign direct investment evidence.
GGRAsia asked the Incheon Free Economic Zones Authority (IFEZA) for the agency responsible for the area where the project is located, providing information on the total amount of investment RFKR should commit to and how much evidence it should provide on a quarterly basis.
The ministry's general terms followed an announcement by RFKR on April 7, shortly after the previous deadline expired. The company told GGRAsia that a new extension had only recently been confirmed to RFKR.
The ministry told GGRAsia that the ministry could reconsider its position "cautiously" if RFKR failed to prove construction had resumed within three months.
The resort site is located in the Incheon Free Economic Zone of Yeongjongdo Island, near Incheon International Airport, a major aviation hub.
