THE M3: INCHEON CITY PROJECT CANCELLED; JULY GGR

THE MACAU METRO MONITOR, AUGUST 1, 2013

 

JULY GGR DICJ

JULY GGR 29.485BN MOP (28.626BN HKD, 3.691 BN USD), up 20% YoY

 

S KOREAN PLAN FOR MACAU GAMBLING RIVAL COLLAPSES Bloomberg

South Korea's Incheon city said a $290 billion plan to transform a fishing village into a rival to Macau has collapsed. Incheon Free Economic Zone official Jung Mi-hyun said luxury hotel operator Kempinski AG, a key member of the development consortium, failed to raise a promised $40MM by the end of July.  Kempinski's Korean unit KI Corp. is the largest shareholder in the consortium, Eightcity Co. Korean Air Lines Co. is the second-largest.

Park Seong-hyun, vice chairman of Eightcity, said the company is still trying to attract investment to the project and Incheon city is also responsible for the delay in raising the money on time.