South Korea: Third Incheon IR in Limbo, Developer Seeks Investor
The construction of a new integrated resort located in Incheon, South Korea has been delayed for more than two years now. According to a new report, the current developer is looking for a new company to partner with and invest in the project to help its completion.
RFKR Reportedly Looks for New Investor to Help with Midan City Project
R&F Korea (RFKR), the developer in charge of the Midan City project has seen a delay of two years of its project. Judging by a report released by Asgam, citing local news outlets, R&F Korea now seeks funding to proceed further with the project. The company needs an estimate of KRW28 billion ($20 million) to reinstate the project and continue its development. The planned integrated resort is expected to offer more than 700 hotel rooms, a casino floor for foreigners only, as well as a convention area and a theater among other amenities.
The Midan City development is a project that was formerly owned by Caesars Entertainment. However, earlier this year, the company decided to forego the project. One opportunity for R&F Korea to continue the work on the project is to join forces with overseas operators or investors. But for the moment, this doesn’t look like a possible option, considering that it is difficult to find an operator interested in the IR project.
The Developer Already Received One Deadline Extension
Besides finding an investor to help restart the project, R&F Korea faces another challenge. Currently, the integrated resort is completed at 25% only. The company has a deadline of March 17, 2023, to complete the project. In other words, even if R&F Korea finds immediately a new investor, it may not be able to meet the previously set deadline.
The deadline isn’t the first one that the company will likely miss. Back in March this year, R&F Korea was given a 12-month deadline extension for the project by the Ministry of Culture, Sports and Tourism in South Korea. If the developer can complete the project, the new integrated resort would be the third such facility for Incheon. Other resorts in the area include Mohegan Inspire Korea which is set to open its doors for visitors next year, as well as Paradise City which has been accepting visitors since it opened back in 2016.
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