The South Korean city of Incheon’s US$290 billion (MOP2.3 trillion) plan to transform a fishing village into a gaming centre to rival Macau has collapsed, the Associated Press reports. Incheon Free Economic Zone official Jung Mi-Hyun said hotel operator Kempinski AG, a key member of the development consortium, failed to raise the US$40 million it had promised. Kempinski’s South Korean unit, KI Corp, is the consortium’s biggest partner. The plan was to turn 30 square km of land near Incheon International Airport into a centre for tourism, shopping and gaming for middle- and upper-class Chinese. Officials have scrapped the contract and will seek new developers.
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