Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based real estate developer 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 an integrated resort in Incheon, Southern Korea may possibly not be materialized due to ‘a number of uncertainties.’
Late 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 merchant MIDAN City developing Co. Ltd. Lippo holds a 55% stake into the second business.
Earlier this week, but, it became clear that the involved events have actually maybe not agreed upon most of the necessary conditions regarding the sale associated with the said portion of land. Here you should observe that the purchase agreement is set to expire on 31, 2015 december. Lippo said in a filing towards the Hong Kong Stock Exchange they may not be in a position to continue aided by the casino task due to ‘a range uncertainties.’
The real-estate developer explained that the said ‘uncertainties’ are linked to whether the conditional land deal would fundamentally be finalized and if the consortium member would acknowledge various investment terms.
LOCZ Korea Corp., due to the fact consortium has been named, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE Global, a business partly owned by the Hong Kong-based real-estate designer, and Caesars Entertainment’s Caesars Korea. Lanjutkan membaca “Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’”