Lippo-Caesars Southern Korea Casino Project Clouded by ‘Uncertainties’
Lippo-Caesars Southern Korea Casino Project Clouded by ‘Uncertainties’
Hong Kong-based estate that is real Lippo Ltd. stated previously 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 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 part of land for the planned hotel and casino resort from vendor MIDAN City developing Co. Ltd. Lippo holds a 55% stake into the second business.
Earlier in the day this week, nevertheless, it became clear that the parties that are involved not agreed on all of the necessary conditions concerning the purchase of the said part of land. Here it is important to remember that the purchase contract is set to expire on 31, 2015 december. Lippo stated in a filing to your Hong Kong Stock Exchange they may not be in a position to continue aided by the casino task due to ‘a quantity of uncertainties.’
The real-estate developer explained that the said ‘uncertainties’ are related to if the conditional land deal would ultimately be finalized and whether or not the consortium user would acknowledge various investment terms.
LOCZ Korea Corp., while the consortium has been named, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE Global, a company partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea.