• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 28 January 2023
    IAG
    Advertisement
    • Newsfeed
    • Mag Articles
    • Video
    • Opinion
    • Tags
    • Regional
      • Africa
      • Australia
      • Cambodia
      • China
      • CNMI
      • Europe
      • Hong Kong
      • India
      • Japan
      • Laos
      • Latin America
      • Malaysia
      • Macau
      • Nepal
      • New Zealand
      • North America
      • North Korea
      • Philippines
      • Russia
      • Singapore
      • South Korea
      • Sri Lanka
      • Thailand
      • Vietnam
    • Events
    • Consulting
    • Contributors
    • SUBSCRIBE FREE
    No Result
    View All Result
    IAG
    • Newsfeed
    • Mag Articles
    • Video
    • Opinion
    • Tags
    • Regional
      • Africa
      • Australia
      • Cambodia
      • China
      • CNMI
      • Europe
      • Hong Kong
      • India
      • Japan
      • Laos
      • Latin America
      • Malaysia
      • Macau
      • Nepal
      • New Zealand
      • North America
      • North Korea
      • Philippines
      • Russia
      • Singapore
      • South Korea
      • Sri Lanka
      • Thailand
      • Vietnam
    • Events
    • Consulting
    • Contributors
    • SUBSCRIBE FREE
    No Result
    View All Result
    IAG
    No Result
    View All Result

    Incheon IR development Midan City granted 12-month construction extension

    Newsdesk by Newsdesk
    Mon 21 Mar 2022 at 05:36
    Incheon IR development Midan City granted 12-month construction extension

    The Midan City project is currently stalled at a 25% completion rate.

    24
    SHARES
    591
    VIEWS
    Print Friendly, PDF & Email

    South Korea’s Ministry of Culture, Sports and Tourism has granted R&F Korea (RFKR) a 12-month extension, until 17 March 2023, to its deadline for completion of its Midan City Resort Complex development in Korea.

    According to Gyeonggi News, the extension was granted on Friday on the condition that RFKR agree to increase its total project investment by 5%.

    The company had requested a two-year extension until March 2024 but was offered 12 months instead, however it is reported that RFKR – the local arm of Hong Kong-listed Guangzhou R&F Properties Co Ltd – plans to request further extension when the new deadline expires next year. It has also been reported that RFKR is looking to fund the additional project cost by selling some or all of the land it owns in Midan City.

    Despite the extension, there remain concerns over the project’s funding due to the ongoing financial woes of Guangzhou R&F, which became sole owner of the Midan City development in early 2021 after buying out the 50% stake held by its former partner, US casino giant Caesars Entertainment.

    In January 2022, ratings agency S&P Global said Guangzhou R&F was essentially in default and downgraded the company’s Hong Kong unit after it requested a six-month extension to repay US$750 million in notes due.

    Midan City, currently stalled at a 25% completion rate, is slated to include a foreigner-only casino, 751 hotel rooms, a theater and a convention space.

    Mohegan Gaming & Entertainment recently resumed construction on its own Incheon integrated resort, Inspire Korea, after completing financing late last year.

    RelatedPosts

    Dallmeier shortlisted in two categories at European Casino Awards 2023

    Dallmeier shortlisted in two categories at European Casino Awards 2023

    Fri 27 Jan 2023 at 06:32
    Galaxy partner SBM sees increased profit in FY2020

    Monaco’s SBM on track for record year as revenue surges 27% through December

    Wed 25 Jan 2023 at 19:21
    Pacific puzzle

    Saipan casino regulator shuts down office due to lack of funding

    Thu 19 Jan 2023 at 05:46
    SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

    Summit Ascent in talks after Manila casino developer Suntrust misses US$6 million interest payment on convertible bonds

    Tue 17 Jan 2023 at 05:23
    Load More
    Tags: casinoIncheonintegrated resortMidan City Resort ComplexR&F KoreaSouth Korea
    Share10Share2
    Newsdesk

    Newsdesk

    The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

    Current Issue

    Editorial: Want to attract foreigners? Make Macau the poker capital of Asia

    Editorial: Want to attract foreigners? Make Macau the poker capital of Asia

    by Ben Blaschke
    Wed 4 Jan 2023 at 11:39

    In what has become a point of widespread debate, the Macau SAR Government has called on its gaming concessionaires to...

    Singapore swing

    Singapore swing

    by Ben Blaschke
    Wed 4 Jan 2023 at 11:32

    Having previously established itself as the gold standard in the operation and regulation of integrated resorts in Asia following the...

    Flying high

    Flying high

    by Ben Blaschke
    Wed 4 Jan 2023 at 11:25

    Having endured a hectic three years at Marina Bay Sands which saw him promoted to Chief Operating Officer while dealing...

    Coming together

    Coming together

    by Newsdesk
    Wed 4 Jan 2023 at 11:21

    On 1 August 2022, Singapore officially inaugurated a new gambling regulator, the Gambling Regulatory Authority (GRA), replacing the former Casino...

    Softswiss
    Evolution Asia
    Aristocrat
    Solaire
    Solaire
    Beter
    Beter
    IGT

    Related Posts

    G2E Asia to forge ahead with July dates for 2020 trade show

    G2E Asia to return in 2023 with two shows in Singapore and Macau

    by Ben Blaschke
    Fri 27 Jan 2023 at 15:25

    Industry trade show G2E Asia will return not once but twice in 2023, with “G2E Asia Special Edition: Singapore” to take place at Marina Bay Sands from 30 May to 1 June followed by the “Asian IR Expo + G2E...

    London calling

    Sands China expecting positive return on multi-billion dollar Macau non-gaming commitment

    by Ben Blaschke
    Fri 27 Jan 2023 at 07:23

    Sands China executives said Thursday they are confident that the company’s capital commitment of up to US$4.5 billion into Macau over the next 10 years, most of which will be for non-gaming attractions, can generate positive returns. The commitment, which guarantees...

    IAG names The Parisian Macao as venue for 2020 Asian Gaming Power 50 Gala Dinner

    Analysts upgrade Las Vegas Sands on positive Macau, Singapore performance

    by Ben Blaschke
    Fri 27 Jan 2023 at 06:44

    Analysts have upgraded their estimates for Las Vegas Sands (LVS) after the company reported strong recovery indicators during this week’s 4Q22 results release and earnings call. The improved sentiment was largely driven by the reopening of Macau’s borders on 8...

    We’re Back!

    Skycity names former Tabcorp CEO David Attenborough as non-executive director

    by Newsdesk
    Fri 27 Jan 2023 at 06:40

    New Zealand’s Skycity Entertainment Group has announced its intention to appoint former Tabcorp Managing Director and CEO David Attenborough as a non-executive director, pending regulatory approvals. In a Friday morning filing, Skycity said Attenborough would join the Board of Directors...


    IAG

    © 2005-2023
    Inside Asian Gaming.
    All rights reserved.

    • SUBSCRIBE FREE
    • NEWSFEED
    • MAG ARTICLES
    • VIDEO
    • OPINION
    • TAGS
    • REGIONAL
    • EVENTS
    • CONSULTING
    • CONTRIBUTORS
    • MAGAZINES
    • ABOUT
    • CONTACT
    • ADVERTISE

    No Result
    View All Result
    • Subscribe
    • Newsfeed
    • Mag Articles
    • Video
    • Opinion
    • Tags
    • Regional
    • Events
    • Contributors
    • Consulting
    • Magazines
    • Advertise
    • Contact
    • About

    © 2005-2023
    Inside Asian Gaming.
    All rights reserved.