Casino operator Caesars Entertainment has finally revealed the name of its new South Korean joint venture partner.
On Tuesday, a subsidiary of Chinese hotel and property development firm Guangzhou R&F Properties Co Ltd formally announced the formation of a joint venture with Caesars’ South Korean subsidiary to build an integrated resort in Midan City on Yeongjong Island, part of the Incheon free economic zone.
In a filing to the Hong Kong Stock Exchange, R&F says it will hold 50% of the Incheon JV, while Caesars will hold the other half. Each party will contribute an initial $30.5m to the project, with further equity contributions of up to $110m per party.
These additional contributions are to be made in four tranches, each of which will be dependent upon the achieving of different milestones, including “certain necessary changes in the gaming licensing laws regarding credit rating requirements of the parties.”