It has come down to only a matter of a countdown that makes Caesars Entertainment to lose its South Korean license. For a while, the company had been attempting to build a casino in Midan City that would be dedicated only to foreign customers. But the advent of Covid-19 has brought a halt to their endeavour. The company had failed to gain robust support to make things aligned to keep ongoing. So, the overall construction of the property had to bump into an abrupt halt.
Now, the authority in South Korea is imposing a threat to abolish Caesars’ permission to finish the project. The only option the company has been given to come with a concrete and effective plan of attack. The country has provided Caesars only a two-months window to excavate out a solution.
The project of Midan City was supposed to be a partnership program of Caesars and a Chinese real estate company. The project has already taken around $150 million from for the construction of the entire property prior to the arrival of the coronavirus. It was beyond anyone’s imagination how much the new virus would impact the world. However, when the intensity had become evident, Caesars found itself sitting in a really tight position. Furthermore, the partner company Ssanye Construction expressed its inability to invest its promised $27.3 million.
Things Turn Backward for Caesars.
South Korean news media narrated the critical relationship between the local leaders and casino operators around delaying things to restart. It also warned that if that about-to-be-built resort cannot get the approval before March 17, the prior approval will be revoked. This will be like a step backwards for what was set to be a massive step forward for the company in South Korea.
According to Caesars Entertainment, only 25% of the overall construction had been finished. If the operator cannot find a way to overhaul the condition, it will have to leave that construction site like an empty shell. The South Korean government is also trying to introduce a solution for the company. Some authorities are keeping on guiding the operator. With every minute passed, the condition is getting tighter for Caesars.