Lippo-Caesars South Korea Casino Project 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 integrated resort in Incheon, Southern Korea might not be materialized due to ‘a amount 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 percentage of land for the planned hotel and casino resort from vendor MIDAN City Development Co. Ltd. Lippo holds a 55% stake within the company that is latter.
Early in the day this week, but, it became clear that the parties that are involved not decided on all the necessary conditions about the sale associated with the stated portion of land. Right Here it is critical to remember that the purchase contract is set to expire on 31, 2015 december. Lippo said in a filing to your Hong Kong Stock market that they might never be in a position to proceed with all 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 in the course of time be finalized and perhaps the consortium user would agree with various investment terms.
LOCZ Korea Corp., while the consortium has been called, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE Global, an organization partly owned by the Hong Kong-based property designer, and Caesars Entertainment’s Caesars Korea. Continue reading “Lippo-Caesars South Korea Casino Project Clouded by ‘Uncertainties’”