A long-awaited RFKR Resort in Incheon, South Korea, won’t be finished in the following 15 months. On top of that, the administrative procedures are still to be finalized, so the date of the grand opening is still unknown.
Delayed works on construction:
The new foreign casino resort is already built to a certain extent, and an executive from R&F Korea, a promoter of the project, confirmed that the resort would be built in 15 months, but the additional administrative work will take more time after the project is completed.
The Ministry of Culture, Sports, and Tourism, which is in charge of the casino industry in South Korea, is aware of the timeline.
An anonymous representative from R&F Korea said: “We are currently reviewing and preparing the site in order to resume construction. We have assured the ministry that we would submit a progress report every three months.”
R&F Korea, a company that promotes the whole project, is linked to Guangzhou R&F Properties Co Ltd., a famous Chinese developer based in Hong Kong.
This timeline came as the result of the government’s warning in late April. Since the works on the construction were paused, the government had to intervene and warn that if the works don’t continue in the following three months, its 12-month extension on completing the first phase of the works will be reconsidered. So far, the deadline remains March 17 next year.
This extension came with a few conditions. The company has to prove that there are works on construction by July. There’s also a deadline for establishing casino operations plans and partnerships with the operator who will offer its services in the casino. The timeline for fulfilling these conditions is 12 months. The casino also has to submit an investment pledge during these 12 months.
All of this is followed by providing evidence of direct foreign investment, as well as submitting reports every quarter.
R&F Korea’s financial issues:
However, there’s another issue R&F Korea is currently facing: obtaining financial investments which will help in building the new Korean casino resort. Various foreign investors already showed interest in investing, but the company wants more Korean investors to be included in the project.
Some funds will be obtained if the company succeeds in selling the plot of land it possesses. The land is situated near the future casino. This is the second plot R&F Korea is selling – the first one, previously planned to be used for residential apartments, is already sold.
The executive said: “Our construction delays to date are not unusual, as such delays due to funding problems are common in the country; some famous buildings here took 15 years to develop.”
The casino will be built in the well-known Incheon Free Economic Zone, where many foreigner-only casinos are already operating.
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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