Lippo-Caesars Southern Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based real estate designer Lippo Ltd. stated earlier in the day this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of an built-in resort in Incheon, South Korea may not be materialized due to ‘a range 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 percentage of land for the planned hotel and casino resort from merchant MIDAN City Development Co. Ltd. Lippo holds a 55% stake within the company that is latter.
Previously this week, however, it became clear that the parties that are involved maybe not decided on all of the necessary conditions regarding the purchase of the said portion of land. Here you will need to note 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 might not be able to proceed with all the casino project due to ‘a wide range of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are related to or perhaps a conditional land deal would ultimately be finalized and or perhaps a consortium member would agree on various investment terms.
LOCZ Korea Corp., as the consortium happens to be called, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE Global, a company partly owned by the Hong Kong-based property developer, and Caesars Entertainment’s Caesars Korea.