Lippo-Caesars South Korea Casino Venture Clouded by ‚Uncertainties‘

Lippo-Caesars South Korea Casino Venture Clouded by ‚Uncertainties‘

Hong Kong-based property designer Lippo Ltd. stated early 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 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 part of land for the planned hotel and casino resort from vendor MIDAN City Development Co. Ltd. Lippo holds a 55% stake in the second company.

Earlier in the day this week, nevertheless, it became clear that the parties that are involved perhaps not decided on most of the necessary conditions regarding the purchase of the stated portion of land. Here it’s important to note that the purchase contract is set to expire on 31, 2015 december. Lippo said in a filing to the Hong Kong Stock market they may not be able to continue with the casino task due to ‚a quantity of uncertainties.‘

The estate that is real explained that the said ‚uncertainties‘ are pertaining to whether the conditional land deal would eventually be finalized and or perhaps a consortium user would agree on various investment terms.

LOCZ Korea Corp., as the consortium has been called, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE International, a company partly owned by the Hong Kong-based property designer, and Caesars Entertainment’s Caesars Korea. „Lippo-Caesars South Korea Casino Venture Clouded by ‚Uncertainties‘“ weiterlesen