Incheon casino resort fails to secure 12-month extension for 1st phase opening deadline

A casino resort project in the Incheon Free Economic Zone of South Korea has encountered difficulties as it was not granted a one-year extension for the first phase of its debut date.

The South Korean Ministry of Culture, Sports, and Tourism attested to this to GGRAsia.

The developer of Incheon’s foreign-only casino proposal, R&F Korea (RFKR), requested an extension of the property’s December 29 launch date. But the government informed GGRAsia on Tuesday morning that RFKR’s casino business license had been officially canceled.

The ministry said that RFKR would have 90 days to appeal the ruling, but it did not provide any other details. A request for a response to the ministry’s statement has been sent to RFKR by GGRAsia.

There have been many delays in the project; the most recent one was granted on March 17, 2023. This is the fourth modification to the website’s launch schedule since Caesars Entertainment Corp. joined the project in 2018. But Caesars sold off its South Korean assets after being acquired by US regional casino operator Eldorado Resorts Inc.

Although RFKR had said that work will resume by July 2023, that date was missed. As of 2020, construction has been suspended, with just around 25% of the project completed, according to the Incheon Free Economic Zone Authority (IFEZA), which oversees the site.

Situated adjacent to Mohegan Inspire Entertainment Resort, another casino complex exclusively for foreigners and operated by Mohegan Gaming & Entertainment, the site is on Yeongjong Island, close to Incheon International Airport. Managed by Paradise Co Ltd and Sega Sammy Holdings Inc., Paradise City is another casino facility in Incheon exclusive to foreigners that opened its doors in 2017.

Original story by: GGRAsia