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Caesars Entertainment abandons development in S. Korea

Caesars Entertainment, the U.S. casino operator, reportedly sold its stake in a $767 million gambling-friendly development project it is helping build in South Korea.

The Las Vegas-based company partnered with Guangzhou R&F Properties Company in 2016, hoping to open its 1.85 million-square-foot Caesars Korea venue with foreign-only casinos by the end of next month, according to a report by GGRAcia. The source explained in detail that the first phase of the five-star hotel, which is scheduled to be located near Incheon Port, was set to feature a variety of live facilities with 720 rooms and an adjacent villa showroom.

However, the schedule reportedly faced challenges last summer due to the impact of the coronavirus pandemic and a $17.3 billion follow-up deal by El Dorado Resorts Corp., then known as Caesars Entertainment Corp., acquired Caesars Entertainment Corp. The former company's senior executive said in June 2019 that plans to develop large casino resorts in Asia were 'ridiculous for us to operate in that direction'

Caesars Entertainment Inc. reportedly sold a 50% stake in the Caesars Korea project to Guangzhou R&F Properties Ltd, which revealed that the Hong Kong-listed buyer had postponed the opening date of the first phase of the planned Incheon plan by three years until March 2024, after abandoning hunting for one of the three integrated casino resort licenses available in nearby Japan.

The first phase of the huge Caesars Korea development is reportedly only 25 percent completed, and many industry sources predict that the country's Ministry of Culture, Sports and Tourism will now ask Guangzhou R&F Real Estate Co. to secure a new foreign operating partner before resuming any construction.
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Sunday, August 27, 2023

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