Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based estate that is real Lippo Ltd. said earlier this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of an integrated resort in Incheon, South Korea may not be materialized due to ‘a range uncertainties.’
Late in 2014, the consortium of Lippo and Caesars Entertainment subsidiaries reached a deal that is conditional the purchase of a 90,000-square-meter percentage of land for the planned hotel and casino resort from vendor MIDAN City Development Co. Ltd. Lippo holds a 55% stake in the second business.
Previously this week, however, it became clear that the involved parties have not agreed on all of the necessary conditions regarding the purchase associated with the stated portion of land. Right Here you will need 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 that they may never be in a position to continue aided by the casino task due to ‘a amount of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are pertaining to whether the conditional land deal would ultimately be finalized and if the consortium member would agree with various investment terms.
LOCZ Korea Corp., as the consortium has been called, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE International, an organization partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea. Continue reading “Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’”