Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based real estate designer Lippo Ltd. stated previously this week that its joint project with United States gaming giant Caesars Entertainment Corp. for the construction of an integrated resort in Incheon, South Korea might not be materialized due to ‘a quantity of uncertainties.’
Late in 2014, the consortium of Lippo and Caesars Entertainment subsidiaries reached a deal that is conditional the purchase of a 90,000-square-meter part of land for the planned hotel and casino resort from merchant MIDAN City Development Co. Ltd. Lippo holds a 55% stake within the company that is latter.
Earlier this week, nevertheless, it became clear that the involved events have perhaps not agreed upon all of the necessary conditions regarding the sale regarding the stated portion of land. Right Here it is critical to remember that the purchase agreement is set to expire on 31, 2015 december. Lippo stated in a filing towards the Hong Kong Stock Exchange that they might not be able to continue with all the casino task due to ‘a amount of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are pertaining to or perhaps a conditional land deal would in the course of time be finalized and or perhaps a consortium member would agree on various investment terms.
LOCZ Korea Corp., due to the fact consortium was called, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE Global, an organization partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea. Read more