R&F Properties gets US$1.03bn loan to pay off short-term debts
R&F Properties, the company that’s developing the Midan City complex in South Korea, borrowed HKD8bn (US$1.03bn) from two major shareholders and company executives to pay off short-term debt.
South Korea.- R&F Properties Co Ltd has reported it has received an HKD8bn (US$1.03bn) loan from two major shareholders “to address obligations that will mature in the short-term.”
The company is behind the development of an integrated resort in Midan City, in Incheon Free Economic Zone. The Midan City Resort Complex will include a casino, 750 hotel rooms, a theatre, and a convention space once it is operational.
Through a press release, the company said it was confident it would have “sufficient capital support for ongoing project developments”.
The project was originally due to be completed this year, but in March the South Korean Ministry of Culture, Sports and Tourism granted a twelve-month extension to the previous construction deadline. That would mean an opening date in 2022.
R&F Properties, the sole shareholder of the resort after Caesars Entertainment dropped out of plans, has said that it will resume work, but that, with only 25 per cent of the complex finished, it won’t be complete until 2025.
