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

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

Hong Kong-based real-estate developer Lippo Ltd. stated earlier this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of a integrated resort in Incheon, Southern Korea might not be materialized due to ‘a quantity 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 part 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 involved events have actually not agreed upon most of the necessary conditions about the sale regarding the said portion of land. Here it is critical to note that the purchase agreement is set to expire on 31, 2015 december. Lippo said in a filing to your Hong Kong Stock Exchange they may not be able to continue with all the casino task due to ‘a wide range of uncertainties.’

The real-estate designer explained that the said ‘uncertainties’ are related to whether the conditional land deal would fundamentally be finalized and whether or not the consortium member would agree with different investment terms.

LOCZ Korea Corp., due to the fact consortium has been named, comprises Lippo internationally, 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. Читать далее Lippo-Caesars Southern Korea Casino Project Clouded by ‘Uncertainties’