Lippo-Caesars South Korea Casino Project Clouded by ‘Uncertainties’
Hong Kong-based estate that is real Lippo Ltd. said early in the day this week that its joint project with United States gaming giant Caesars Entertainment Corp. for the construction of a built-in resort in Incheon, South Korea may possibly 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 merchant MIDAN City Development Co. Ltd. Lippo holds a 55% stake into the second company.
Early in the day this week, however, it became clear that the involved parties have maybe not decided on all of the necessary conditions about the sale associated with the said part of land. Right Here it is vital to observe that the purchase contract is set to expire on December 31, 2015. Lippo stated in a filing towards the Hong Kong Stock Exchange which they might never be able to proceed using the casino task due to ‘a wide range of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are pertaining to perhaps the conditional land deal would fundamentally be finalized and or perhaps a consortium member would agree with different investment terms.
LOCZ Korea Corp., due to the fact consortium has been named, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE Overseas, a business partly owned by the Hong Kong-based real estate developer, and Caesars Entertainment’s Caesars Korea.Continue reading