On Thursday, February 12, 2015, Incheon Metropolitan City and the Incheon Free Economic Zone Authority (IFEZ) signed a memorandum of understanding with Hong Kong’s Chow Tai Fook for the development of the CTF integrated resort. The memorandum established the foundation for developing an integrated resort on a 94,121.2㎡ site in Midan City, Yeongjong International City, with facilities including a foreigners-only casino, luxury hotels, shopping facilities, MICE facilities, and entertainment facilities. Chow Tai Fook planned to invest USD 2.6 billion in total and carry out the project in two phases.