A stalled casino and integrated resort project in Incheon, South Korea that previously involved Caesars Entertainment looks set to resume after its developer signed a service contract with hotel group Marriott International.
According to local media outlet Incheon Today, R&F Korea (RFKR) announced the new deal on Tuesday which will see a JW Marriott hotel take center stage within Midan City once development is completed. The two entities are currently working on interior design changes.
It is also reported that RFKR is in negotiations with casino operators in Macau, Singapore and Europe, although the report does not specify who. The developer had previously called for new partners to invest capital and operate the resort and casino business in order to help complete construction.
RFKR has now claimed it is in discussions with two investors and expects to close the deals by the end of this year.
Construction on the project has been stalled for more than two years with RFKR unable to pay its construction company the KRW28 billion (US$20 million) required to get the project back up and running.
It is also facing timeline pressure, having already failed to meet conditions imposed by Korea’s Ministry of Culture, Sports and Tourism when it was granted a previous extension to the construction deadline.
The project is proposed to become Incheon’s third integrated resort alongside Paradise City, opened in 2016, and Mohegan’s Inspire Korea, due to open in 2023.
As reported by IAG, RFKR received a 12-month extension to its construction deadline earlier this year on the proviso that it increase its total project investment by 5% and resume development – stalled since February 2020 – within the first half of 2022.
Instead, construction has yet to resume at all with development stuck at just 25%.
However, the addition of Marriott International as a partner and potential outside investments suggests Midan City has a future after all. Assuming it reaches completion, the project is slated to include a foreigner-only casino, 751 hotel rooms, a theater and a convention space among other attractions and facilities.
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