Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based real estate designer Lippo Ltd. said earlier this week that its joint project with United States gaming giant Caesars Entertainment Corp. for the construction of an integrated resort in Incheon, Southern Korea may not be materialized due to ‘a quantity of uncertainties.’
Later in 2014, the consortium of Lippo and Caesars Entertainment subsidiaries reached a conditional deal for the purchase of a 90,000-square-meter part of land for the planned hotel and casino resort from merchant MIDAN City Development Co. Ltd. Lippo holds a 55% stake in the second business.
Earlier this week, nevertheless, it became clear that the parties that are involved perhaps not decided on all the necessary conditions concerning the purchase of the said part of land. Here you should keep in mind that the purchase contract is set to expire on 31, 2015 december. Lippo stated in a filing to your Hong Kong Stock Exchange which they may not be able to continue with all the casino project due to ‘a range uncertainties.’
The real estate developer explained that the said ‘uncertainties’ are associated with whether or not the conditional land deal would sooner or later be finalized and perhaps the consortium user would agree with various investment terms.
LOCZ Korea Corp., due to the fact consortium has been named, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE Overseas, a company partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea.