Lippo-Caesars South 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 an built-in resort in Incheon, South Korea may not be materialized due to ‘a number 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 company that is latter.
Early in the day this week, nevertheless, it became clear that the involved parties have perhaps not agreed on most of the necessary conditions concerning the purchase associated with the said part of land. Right Here you should remember that the purchase contract is set to expire on December 31, 2015. Lippo said in a filing to the Hong Kong Stock market which they may never be in a position to proceed using the casino task due to ‘a wide range of uncertainties.’
The real estate designer explained that the said ‘uncertainties’ are related to whether or not the conditional land deal would in the course of time be finalized and perhaps the consortium user would agree with different investment terms.
LOCZ Korea Corp., because the consortium happens to be named, 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