Lippo-Caesars Southern Korea Casino Project Clouded by ‘Uncertainties’
Hong Kong-based real estate developer Lippo Ltd. said earlier this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of a built-in resort in Incheon, South Korea might not be materialized due to ‘a wide range 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 percentage of land for the planned hotel and casino resort from merchant MIDAN City developing Co. Ltd. Lippo holds a 55% stake within the latter company.
Early in the day this week, however, it became clear that the involved events have actually maybe not decided on all the necessary conditions regarding the purchase regarding the stated portion of land. Right Here you should remember that the purchase agreement is set to expire on 31, 2015 december. Lippo stated in a filing to your Hong Kong Stock market that they may never be in a position to continue using the casino task due to ‘a quantity of uncertainties.’
The real estate developer explained that the said ‘uncertainties’ are linked to if the conditional land deal would sooner or later be finalized and whether the consortium user would agree with different investment terms.
LOCZ Korea Corp., while the consortium happens to be named, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE International, an organization partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea. Continue reading…