South Korea – Reports suggests Caesars has pulled the plug on its Incheon investmentBy Phil - 23 February 2021
Caesars Entertainment has reportedly pulled out of the opportunity to develop its gaming brand in South Korea, disposing of its share in the foreigner only casino being built in the Incheon Free Economic Zone Authority (IFEZA) in South Korea with a three year delay now likely for the project’s completion.
The COVID-19 pandemic disrupted the build on the $700m Caesars branded casino with progress halted since February 2020. The Nevada gaming giant is believed to have committed $140m to the project in which it was partnering with China’s Guangzhou R&F Properties Co. The build is believed to be a quarter in but additional financing has been difficult to secure.
Caesars has taken down its Korean website whilst the 50/50 owned joint development company unifying the two partners has changed its name from RFCZ Korea to R&F Korea. R&F Korea has asked the South Korean Ministry of Culture, Sports and Tourism to delay the opening of the first phase of the project from March 17, 2021, to March 2024. The ministry has reportedly said RFKR will need to find a new casino partner for the project to continue. No official comment has so far been released by Caesars.