Korea’s long-awaited Incheon RFKR Resort will not be completed in the next 15 months. In addition, the date of the grand opening is not yet known because administrative procedures have not been finalized.
delayed construction:
The new foreign casino resort has already been built to some extent, and further administrative work is expected to take longer after the project is completed, although an executive at R&F Korea, a business promoter, has confirmed that the resort will be built in 15 months.
The Ministry of Culture, Sports and Tourism, which is in charge of the casino industry in Korea, knows the schedule.
An anonymous representative of R&F Korea said, “We are currently reviewing and preparing the site to resume construction. We have confirmed to the ministry that we will submit a progress report every three months.”
R&F Korea, a company that promotes the entire project, is linked to Guangzhou R&F Properties Co Ltd., a renowned Chinese developer based in Hong Kong.
The schedule follows a warning from the government in late April. Because of the suspension, the government had to step in and warn that if the construction did not continue for the next three months, the 12-month extension would be reconsidered when the first phase was completed. So far, the deadline remains until March 17 next year.
This extension came with some conditions. The company has until July to prove that it has construction work. It also has deadlines for casino operations planning and partnerships with operators that will serve the casino. The timeline for achieving these conditions is 12 months. Casinos will also have to submit investment vows during these 12 months.
All of this is providing evidence of foreign direct investment and submitting reports every quarter.
R&F Korea’s financial issues:
However, another problem that R&F Korea now faces is getting financial investments that will help build new Korean casino resorts. While various foreign investors have already shown interest in investing, the company wants more Korean investors to be included in the project.
If the company succeeds in selling the land it owns, some funds will be secured. The land is located near future casinos. This is the second land that R&F Korea is selling – the first land that was previously planned to be used as a residential apartment has already been sold.
The executive said, “Our delays so far are not unusual because delays due to funding issues are common in the country. Some famous buildings here took 15 years to develop.”
The casino will be built in the well-known Incheon Free Economic Zone, where many foreigner-only casinos are already operating.
BY: 파워볼사이트