Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’

Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’

Hong Kong-based estate that is real Lippo Ltd. stated early in the day 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 range 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 merchant MIDAN City developing Co. Ltd. Lippo holds a 55% stake into the second company.

Earlier this week, nonetheless, it became clear that the involved parties have not agreed upon most of the necessary conditions about the sale of the stated part of land. Right Here it is important to observe that the purchase agreement is set to expire on December 31, 2015. Lippo said in a filing to your Hong Kong Stock market which they may not be in a position to continue with all the casino project due to ‘a range uncertainties.’

The estate that is real explained that the said ‘uncertainties’ are pertaining to whether or not the conditional land deal would sooner or later be finalized and if the consortium user would agree with different investment terms.

LOCZ Korea Corp., while the consortium happens to be called, comprises Lippo internationally, 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. Читать далее Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’