Lippo-Caesars Southern Korea Casino Project Clouded by ‘Uncertainties’
Hong Kong-based estate that is real Lippo Ltd. stated earlier 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, Southern Korea may not be materialized due to ‘a wide range 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 part 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.
Early in the day this week, however, it became clear that the parties that are involved not decided on all of the necessary conditions regarding the sale associated with the stated portion of land. Right Here it is important to note that the purchase contract is set to expire on 31, 2015 december. Lippo stated in a filing to your Hong Kong Stock Exchange which they may not be in a position to proceed with the casino task due to ‘a range uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are linked to or perhaps a conditional land deal would fundamentally be finalized and or perhaps a consortium user would agree on different investment terms.
LOCZ Korea Corp., since the consortium happens to be 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. Read more