Caesars reported to have dropped South Korean IR project

The company is reported to have withdrawn from the IR project in Incheon, to focus on the domestic US market.

South Korea.- After a lot of back and forth, it appears US-based Caesars Entertainment has decided to give up on its plans to develop an integrated resort in South Korea.

Local media has reported that the company has taken the decision to quit the Midan City Complex project in Yeongjong-do.

Last month, the company received an ultimatum from South Korean authorities, who warned they would cancel the permit for the casino development if the operator did not come up with a solid investment plan in the next two months.

The project has been plagued with difficulties from the beginning. The company was unable to fulfil plans to complete the development by March 2018 due to funding problems and construction delays.

According to local media reports, only 25 per cent of the construction was completed.

China’s Puri Group, Caesars Entertainment partner, could now go it alone on the project.