S. Korea denies RFKR appeal on casino scheme invalidation

The backers of a stalled South Korea resort scheme (pictured), which was to have a foreigner-only casino, have failed to reverse a government decision declaring the gaming portion of the project “invalid.”

The news was given on Wednesday to R&F Korea (RFKR), the would-be developer of the casino resort, by the Ministry of Culture, Sports, and Tourism, which upheld its original March ruling.

The information was confirmed to GGRAsia on Thursday following a telephone inquiry to the authorities.

The Ministry indicated that the much-delayed casino-hotel project by RFKR, a firm linked to Hong Kong-listed Chinese real estate group Guangzhou R&F Properties Co. Ltd., was now officially terminated in terms of the gaming element.

RFKR was approached by GGRAsia for a comment but declined to do so.

The government department told GGRAsia that RFKR still has the option of challenging the decision through either administrative litigation or an administrative court hearing.

RFKR filed its appeal against the scheme invalidation on June 12. The ministry stated it was required to respond within 15 days.

Earlier this month, an RFKR representative told GGRAsia the firm was entitled, under the terms of the local land register, to retain ownership of its Incheon site under the designation “commercial facilities.”

Incheon Housing & City Development Corp. is currently discussing with the Incheon Metropolitan City Government and Incheon Free Economic Zone Authority (IFEZA) a proposal that would see the planning designation of RFKR’s site switch from “commercial facilities” to “residential area,” according to a Monday statement.

Original Story by: GGR