Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based property designer Lippo Ltd. stated previously this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of a integrated resort in Incheon, Southern Korea might 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 part of land for the planned hotel and casino resort from merchant MIDAN City developing Co. Ltd. Lippo holds a 55% stake into the company that is latter.
Early in the day this week, but, it became clear that the parties that are involved maybe not agreed upon most of the necessary conditions regarding the purchase regarding the stated part of land. Right Here it’s important to remember that the purchase agreement is set to expire on December 31, 2015. Lippo stated in a filing to the Hong Kong Stock Exchange that they may not be able to proceed with the casino task due to ‘a wide range of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are linked to whether or not the conditional land deal would eventually be finalized and whether or not the consortium member would agree on various investment terms.
LOCZ Korea Corp., while the consortium has been called, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE International, an organization partly owned by the Hong Kong-based real estate developer, and Caesars Entertainment’s Caesars Korea. Læs mere