Lippo-Caesars South Korea Casino Project Clouded by ‘Uncertainties’
Hong Kong-based estate that is real Lippo Ltd. stated previously this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of a built-in resort in Incheon, Southern Korea may possibly not be materialized due to ‘a range 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 Development Co. Ltd. Lippo holds a 55% stake into the second business.
Earlier this week, nevertheless, it became clear that the parties that are involved perhaps not agreed on all the necessary conditions regarding the sale associated with the said part of land. Right Here it is vital to remember that the purchase contract is set to expire on December 31, 2015. Lippo said in a filing to the Hong Kong Stock Exchange that they might never be able to continue with all the casino task due to ‘a amount of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are related to whether the conditional land deal would ultimately be finalized and perhaps the consortium user would agree on various investment terms.
LOCZ Korea Corp., due to the fact consortium is 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. (more…)