Lippo-Caesars Southern Korea Casino Project Clouded by ‘Uncertainties’
Hong Kong-based real estate designer Lippo Ltd. stated previously 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 might 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 percentage of land for the planned hotel and casino resort from merchant MIDAN City Development Co. Ltd. Lippo holds a 55% stake within the latter business.
Earlier in the day this week, but, it became clear that the parties that are involved perhaps not agreed on all the necessary conditions about the sale regarding the said part of land. Right Here it is important to note that the purchase contract is set to expire on December 31, 2015. Lippo stated in a filing to your Hong Kong Stock Exchange which they might never be in a position to proceed aided by the casino project due to ‘a amount of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are associated with whether or not the conditional land deal would eventually be finalized and whether the consortium user would agree on different investment terms.
LOCZ Korea Corp., once the consortium was called, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE Global, an organization partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea. Continue reading “Lippo-Caesars Southern Korea Casino Project Clouded by ‘Uncertainties’”