Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based estate that is real Lippo Ltd. said earlier this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of a integrated resort in Incheon, South Korea may possibly not be materialized due to ‘a amount of uncertainties.’
Later in 2014, the consortium of Lippo and Caesars Entertainment subsidiaries reached a conditional deal for the purchase of a 90,000-square-meter portion of land for the planned hotel and casino resort from vendor MIDAN City developing Co. Ltd. Lippo holds a 55% stake in the latter company.
Earlier in the day this week, nonetheless, it became clear that the parties that are involved maybe not agreed on most of the necessary conditions regarding the purchase associated with the stated portion 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 to the Hong Kong Stock market that they might never be able to continue with all the casino task due to ‘a number of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are associated with whether or not the conditional land deal would in the course of time be finalized and whether the consortium member would agree with various investment terms.
LOCZ Korea Corp., because the consortium has been called, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE Global, a business partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea.