R&F Korea, local subsidiary of Hong Kong-listed Guangzhou R&F Properties Co Ltd, has confirmed plans to extend the construction deadline of its Midan City Resort Complex in the Incheon Free Economic Zone by 12 months due to its intentions to scale down the project.
The current deadline, approved by the Korean Ministry of Culture, Sports and Tourism, is March 17 this year.
The company disclose that since last year the company has been looking to sell off some of its land to fund its casino scheme. It has already succeeded in selling its third phase – 89,385 square metres (962,132 sq. feet).
R&F has also confirmed plans to sell off its second phase, measuring 50,805 square metres. If the company finds a buyer, it will forego intentions of having a second scheme.
If it gets approved, this extension would be the fourth modification in five years to the approved launch schedule.
A representative of the company told GGRAsia the firm intends to outline to the ministry what progress it had made to meet the conditions for a further timetable extension.
The last time it asked for an extension, the conditions stated included finding a new gaming-operator partner after buying off Caesars Entertainment; resuming construction of the then-paused first phase; and clarifying the financing plan.