Lippo-Caesars Southern Korea Casino Project Clouded by ‘Uncertainties’
Hong Kong-based estate that is real Lippo Ltd. stated earlier in the day this week that its joint project with United States gaming giant Caesars Entertainment Corp. for the construction of a built-in resort in Incheon, Southern Korea might not be materialized due to ‘a quantity of uncertainties.’
Later in 2014, the consortium of Lippo and Caesars Entertainment subsidiaries reached a deal that is conditional the purchase of a 90,000-square-meter portion of land for the planned hotel and casino resort from vendor MIDAN City Development Co. Ltd. Lippo holds a 55% stake within the second business.
Previously this week, however, it became clear that the involved parties have actually perhaps not agreed upon all the necessary conditions concerning the sale associated with the said part of land. Here it is important to note that the purchase agreement is set to expire on 31, 2015 december. Lippo stated in a filing to your Hong Kong Stock market that they might never be able to proceed using the casino project due to ‘a number of uncertainties.’
The real-estate developer explained that the said ‘uncertainties’ are related to if the conditional land deal would in the course of time be finalized and whether or not the consortium user would acknowledge various investment terms.
LOCZ Korea Corp., because the consortium happens to be called, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE International, an organization partly owned by the Hong Kong-based property developer, and Caesars Entertainment’s Caesars Korea. Weiterlesen