Construction of RFKR Resort South Korea remains inactive

The RFKR Resort project in Incheon, South Korea, is still idle despite a three-month deadline to start construction in April. The project is being managed by R&F Korea, a division of the developer Guangzhou R&F Properties Co Ltd, which is listed in Hong Kong.

The South Korean government set requirements for a 12-month extension to March 17, 2024, which included evidence of a construction restart by July, a casino operations plan and proof of a casino partner within a year, an investment commitment within the same timeframe, and quarterly foreign direct investment updates from RFKR.

R&F Korea and the Ministry of Culture, Sports, and Tourism both state that construction has not resumed. R&F Korea gave two explanations for the delay: the ongoing search for investors and an additional land sale to raise money. According to the administration, construction may begin without finding a new financial partner since R&F Korea had already committed to sell the site quickly.

In October, the project’s status will be reevaluated, although no specific consequences have been mentioned. R&F Korea acknowledged that they had not adhered to the requirements set out, but they stressed their commitment and quarterly presentations of proof of foreign direct investment. They estimated a 15-month construction schedule, disregarding existing administrative procedures.

Original story by: GGRAsia