Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based real estate designer Lippo Ltd. stated earlier this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of a built-in resort in Incheon, South Korea may possibly not be materialized due to ‘a amount 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 part of land for the planned hotel and casino resort from merchant MIDAN City Development Co. Ltd. Lippo holds a 55% stake into the company that is latter.
Earlier this week, however, it became clear that the involved parties have actually maybe not decided on most of the necessary conditions regarding the sale of the said portion of land. Right Here it is vital to observe that the purchase agreement is set to expire on December 31, 2015. Lippo stated in a filing to the Hong Kong Stock Exchange which they might never be in a position to proceed because of the casino task due to ‘a range uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are pertaining to if the conditional land deal would fundamentally be finalized and or perhaps a consortium user would agree with different investment terms.
LOCZ Korea Corp., since the consortium was called, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE Overseas, a business partly owned by the Hong Kong-based real-estate designer, and Caesars Entertainment’s Caesars Korea. Czytaj dalej
