Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based real estate designer Lippo Ltd. stated earlier this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of an integrated resort in Incheon, Southern Korea may possibly not be materialized due to ‘a quantity 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 merchant MIDAN City Development Co. Ltd. Lippo holds a 55% stake in the company that is latter.
Earlier this week, but, it became clear that the parties that are involved not agreed upon all the necessary conditions concerning the sale associated with the stated part of land. Here it is critical to remember that the purchase agreement is set to expire on December 31, 2015. Lippo stated in a filing to the Hong Kong Stock Exchange that they may not be in a position to continue utilizing the casino task due to ‘a amount of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are pertaining to or perhaps a conditional land deal would sooner or later be finalized and if the consortium user would agree with different investment terms.
LOCZ Korea Corp., once the consortium is called, 4scasino.com comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE Global, a company partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea. [Read more…]