Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based property developer Lippo Ltd. said earlier this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of an integrated resort in Incheon, Southern Korea may not be materialized due to ‘a range uncertainties.’
Later in 2014, the consortium of Lippo and Caesars Entertainment subsidiaries reached a deal that is conditional the purchase of a 90,000-square-meter portion of land for the planned hotel and casino resort from merchant MIDAN City developing Co. Ltd. Lippo holds a 55% stake within the second company.
Previously this week, nonetheless, it became clear that the parties that are involved not agreed upon all the necessary conditions regarding the sale regarding the stated portion of land. Here you will need to observe that the purchase contract is set to expire on 31, 2015 december. Lippo said in a filing to your Hong Kong Stock Exchange they might not be in a position to proceed with all the casino project due to ‘a number of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are linked to whether the conditional land deal would sooner or later be finalized and whether the consortium member would acknowledge different investment terms.
LOCZ Korea Corp., once the consortium is named, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE Global, a company partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea. Continue reading Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’