Lippo-Caesars Southern Korea Casino Project Clouded by ‘Uncertainties’
Hong Kong-based real-estate developer Lippo Ltd. stated previously this week that its joint project with United States gaming giant Caesars Entertainment Corp. for the construction of an integrated resort in Incheon, South Korea might not be materialized due to ‘a wide range 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 merchant MIDAN City developing Co. Ltd. Lippo holds a 55% stake in the company that is latter.
Earlier this week, nonetheless, it became clear that the parties that are involved not decided on all of the necessary conditions about the purchase associated with the said portion casinos mobile en ligne of land. Here it is critical to observe that the purchase agreement is set to expire on 31, 2015 december. Lippo stated in a filing to your Hong Kong Stock market they may never be able to proceed because of the casino task due to ‘a range uncertainties.’
The property developer explained that the said ‘uncertainties’ are linked to or perhaps a conditional land deal would eventually be finalized and if the consortium member would acknowledge various investment terms.
LOCZ Korea Corp., while the consortium is called, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE Global, a company partly owned by the Hong Kong-based property developer, and Caesars Entertainment’s Caesars Korea. [Read more…] about Lippo-Caesars Southern Korea Casino Project Clouded by ‘Uncertainties’