Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based real-estate developer Lippo Ltd. stated previously 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 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 portion of land for the planned hotel and casino resort from merchant MIDAN City Development Co. Ltd. Lippo holds a 55% stake within the latter company.
Earlier this week, however, it became clear that the involved parties have maybe not agreed on most of the necessary conditions regarding the sale regarding the said portion of land. Right Here it is vital to observe that the purchase agreement is set to expire on 31, 2015 december. Lippo stated in a filing to the Hong Kong Stock market they may not be in a position to continue because of the casino task due to ‘a amount of uncertainties.’
The real-estate developer explained that the said ‘uncertainties’ are related to perhaps the conditional land deal would fundamentally be finalized and whether or not the consortium member would agree with various investment terms.
LOCZ Korea Corp., since the consortium was called, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE International, a business partly owned by the Hong Kong-based real estate developer, and Caesars Entertainment’s Caesars Korea.
Lippo said in its filing that LOCZ Korea has entered into negotiations with MIDAN for the extension that is potential of due date Read more