Lippo-Caesars Southern 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 integrated resort in Incheon, Southern Korea may possibly 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 portion of land for the planned hotel and casino resort from vendor MIDAN City developing Co. Ltd. Lippo holds a 55% stake within the company that is latter.
Earlier in the day this week, however, it became clear that the parties that are involved perhaps not decided on most of the necessary conditions about the purchase of the said portion of land. Here it is important to remember that the purchase agreement is set to expire on 31, 2015 december. Lippo said in a filing to your Hong Kong Stock market which they might not be able to continue with the casino task due to ‘a wide range of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are pertaining to if the conditional land deal would fundamentally be finalized and or perhaps a consortium user would agree with various investment terms.
LOCZ Korea Corp., because the consortium is named, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE International, a business partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea. Continue reading Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’