American casino operator Caesars Entertainment Incorporated has reportedly sold off its interest in a $767 million gambling-friendly development it is was helping to build in South Korea.
According to a report from GGRAsia, the Las Vegas-headquartered firm partnered with Guangzhou R&F Properties Company Limited in 2016 in hopes of being able to open the envisioned 1.85 million sq ft Caesars Korea venue complete with a foreigner-only casino by the end of next month. The source detailed that the first stage of this five-star property due to be located near the port city of Incheon was also set to feature a 720-room hotel alongside multiple live entertainment spaces, exhibition facilities and a plethora of adjacent villas.
However, this timeline reportedly ran into trouble last summer due to the impact of the coronavirus pandemic and the ensuing $17.3 billion deal that saw Eldorado Resorts Incorporated purchase Caesars Entertainment Incorporated, which was then known as Caesars Entertainment Corporation. A senior executive for this former firm had purportedly proclaimed in June of 2019 that any plan to develop a large casino resort in Asia would have to be ‘stupendous for us to be running in that direction.’
Caesars Entertainment Incorporated has now reportedly sold its 50% stake in the Caesars Korea project to Guangzhou R&F Properties Company Limited for an undisclosed amount after earlier abandoning its hunt for one of the three integrated casino resort licenses being made available in nearby Japan. The transaction purportedly prompted the Hong Kong-listed buyer to consequently reveal that it had postponed the planned opening date for the first stage of the envisioned Incheon scheme, which is also known as Midan City Resort Complex, by a further three years until March of 2024.
Construction on the first stage of the giant Caesars Korea development is reportedly only 25% complete while numerous industry sources have predicted that South Korea’s Culture, Sports and Tourism Ministry is now likely to ask Guangzhou R&F Properties Company Limited to secure a new foreign operating partner before recommencing any building work.