The construction of the new foreign casino resort has already been completed to some extent, and a project promoter, R&F Korea, confirmed that the resort will be built in 15 months, but additional administrative work is expected to take more time after the project is completed.
The Ministry of Culture, Sports and Tourism, which is in charge of the casino industry in Korea, knows the schedule.
An anonymous representative from R&F Korea said: “We are currently reviewing and preparing the site for the resumption of construction. I promised the Ministry of Foreign Affairs that I would submit a progress report every three months.”
R&F Korea, which promotes the entire project, is linked to Guangzhou R&F Properties Inc., a renowned Hong Kong-based Chinese developer.
The timetable came as a result of the government’s warning in late April. Since the construction was suspended, the government has had to intervene and warn that a 12-month extension to complete the first phase of construction will be reconsidered if construction does not continue within the next three months. So far, the deadline is March 17th next year.
This extension came with several conditions. The company must prove that there is work on the construction by July. There is also a deadline for establishing a casino operation plan and partnering with operators who will serve the casino. The duration of meeting these conditions is 12 months. Casinos are also required to submit an investment pledge during this 12-month period.
All of this leads to the provision of evidence of foreign direct investment and the submission of a quarterly report.
R&F Korea’s financial problems:
However, there is another problem R&F Korea is currently facing: getting financial investment to help build a new Korean casino resort. Various foreign investors have already shown interest in investing, but the company wants more Korean investors to be included in the project.
Successful sale of land held by the company may result in some funding. The land is located near the future casino. This is the second pre-sale site for R&F Korea, and the first pre-sale site that was supposed to be used as a residential apartment has already been completed.에볼루션 바카라사이트
The executive said, “To date, our construction delays are not uncommon. Because such delays due to funding problems are common in the country; Some of the famous buildings here took 15 years to develop.”
The casino will be built in the well-known Incheon Free Economic Zone, where many foreign-only casinos already operate.