Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based real estate designer Lippo Ltd. said early in the day this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of an integrated resort in Incheon, South Korea might not be materialized due to ‘a amount of uncertainties.’
Late in 2014, the consortium of Lippo and Caesars Entertainment subsidiaries reached a conditional deal for the purchase of a 90,000-square-meter part of land for the planned hotel and casino resort from vendor MIDAN City Development Co. Ltd. Lippo holds a 55% stake within the second company.
Earlier this week, nonetheless, it became clear that the involved parties have maybe not agreed upon all the necessary conditions concerning the purchase associated with the said part of land. Right Here you should observe that the purchase agreement is set to expire on 31, 2015 december. Lippo stated in a filing to the Hong Kong Stock market which they may never be able to continue aided by the casino project due to ‘a amount of uncertainties.’
The real-estate designer explained that the said ‘uncertainties’ are linked to whether the conditional land deal would sooner or later be finalized and whether or not the consortium user would acknowledge different investment terms.
LOCZ Korea Corp., since the consortium has been named, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE International, a company partly owned by the Hong Kong-based real estate developer, and Caesars Entertainment’s Caesars Korea.Continue reading