Planned Integrated Resort in South Korea’s Midan City Losing Ground

South Korea has several integrated resorts (IR) in various stages of development. All have had to alter their timetables for completion, and one, by R&F Korea, just received a 12-month extension.

It has been a long, hard road for the expansion of South Korea’s gaming scene in Midan City. COVID-19 forced project delays, as companies scrambled to cover their costs. Mohegan Gaming and Entertainment pushed back its plans several times before announcing last year that it has a solid plan in place.

Another project is facing time and money crunches as well. R&F Korea (RFKR) is losing ground – both literally and figuratively – with its Midan City IR plans.

Gaming Development Slows
At one point, Caesars Entertainment wanted an IR in South Korea. However, it began to get cold feet, and early last year, it backed out. Its then-partner, Guangzhou R&F Properties, purchased its 50% stake and moved forward with the project through RFKR, its local South Korean arm.

RFKR has had issues of its own and approached South Korea’s Ministry of Culture, Sports and Tourism (MCST) in February for an extension. It hoped for a delay until March 2024. But the agency only gave it one year more to complete the IR.

Source: https://www.casino.org/news/planned-ir-in-south-koreas-midan-city-losing-ground-quickly/