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South Korea’s IR development receives one-year extension after Caesars leaves project

South Korea’s Ministry of Culture, Sports and Tourism has granted a twelve-month extension to resume construction of the country’s IR project in Incheon. Originally, the developers requested a three-year extension since the previous partner, Caesars Entertainment, was no longer attached to the project.

SouthKor

The IR was previously known as Caesars Korea Resort Complex, before Caesars pulled out of the project and sold its stake to Guangzhou R&F Properties Co Ltd from Hong Kong. Currently, the IR is called the Midan City Resort Complex and is being promoted by R&F Korea.

IR’s construction has ceased since February 2020 after Caesars halted funding; but with the new changes, the IR is expected to open the first phase in spring 2022. The completed venue would include a casino, approximately 750 hotel rooms, a theatre and a convention space.

The Midan City Resort Complex is not the only IR expected to open its doors in 2022. Inspire Resort, Mohegan Gaming & Entertainment’s project in Incheon was initially scheduled to open in July 2022, but the developers applied for a 6-month extension. It’s yet to be granted, but the new date would push the opening towards the end of the year. Phase one of Inspire Resort should include 150 gaming tables, 700 electronic gaming machines, close to 1,250 hotel rooms, a large arena and conference space.


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