Plans to open an $800 million casino resort near Incheon, South Korea have been delayed for the second time. The Chinese building company, Guanghzhou R&F Properties, was reportedly given an official extension of one year by the South Korean government. Last year, it was given a three-year extension, after citing the pandemic as a reason that it could not meet current deadlines. Analysts believe that Guanghzhou will eventually request a third postponement.
The newest one-year extension comes with conditions, however. The construction company has promised to increase its investment in the project by a further five percent.
The massive resort, which will be located near the airport and on the coast, was due to open last spring. Plans include a massive casino floor that will be home to 700 slot machines and 150 gaming tables. One of the conditions will be that only foreigners will be allowed to play in the casino.
The resort will also include a conference center, family amusement park, an arena, retail facilities and restaurants.
Caesars Entertainment Corporation originally owned a 50% stake in the South Korea project. Last February, however, Guangzhou paid Caesars an undisclosed amount to acquire this stake, and the Chinese group is now the sole owner. Guanghzhou is on the lookout for a new partner but has so far been unsuccessful in finding an investor.