Lippo-Caesars South Korea Casino Project Clouded by ‘Uncertainties’
Hong Kong-based property designer Lippo Ltd. stated earlier 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 possibly not be materialized due to ‘a number of uncertainties.’
Later in 2014, the consortium of Lippo and Caesars Entertainment subsidiaries reached a deal that is conditional the purchase of a 90,000-square-meter part of land for the planned hotel and casino resort from merchant MIDAN City developing Co. Ltd. Lippo holds a 55% stake in the company that is latter.
Previously this week, nevertheless, it became clear that the parties that are involved not agreed upon all the necessary conditions regarding the sale associated with the said part of land. Right Here it is critical to observe that the purchase agreement is set to expire on 31, 2015 december. Lippo stated in a filing towards the Hong Kong Stock market which they might never be able to proceed aided by the casino project due to ‘a range uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are related to whether or not the conditional land deal would sooner or later be finalized and whether the consortium member would agree with various investment terms.
LOCZ Korea Corp., once the consortium happens to be called, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE Overseas, a company partly owned by the Hong Kong-based real-estate developer, and Caesars Entertainment’s Caesars Korea. Continue reading “Lippo-Caesars South Korea Casino Project Clouded by ‘Uncertainties’”