Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’

Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’

Hong Kong-based estate that is real Lippo Ltd. stated earlier in the day this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of a integrated resort in Incheon, South 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 deal that is conditional the purchase of a 90,000-square-meter portion of land for the planned hotel and casino resort from vendor MIDAN City Development Co. Ltd. Lippo holds a 55% stake into the company that is latter.

Early in the day this week, but, it became clear that the involved parties have maybe not agreed upon most of the necessary conditions concerning the purchase of the said portion of land. Here it is vital to observe that the purchase contract is set to expire on December 31, 2015. Lippo stated in a filing towards the Hong Kong Stock market which they might not be in a position to proceed with the casino task due to ‘a number of uncertainties.’

The estate that is real explained that the said ‘uncertainties’ are related to perhaps the conditional land deal would ultimately be finalized and if the consortium user would agree with different investment terms.

LOCZ Korea Corp., as the consortium has been called, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE International, an organization partly owned by the Hong Kong-based real-estate developer, and Caesars Entertainment’s Caesars Korea. Lanjutkan membaca “Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’”