Lippo-Caesars South Korea Casino Project Clouded by ‘Uncertainties’
Hong Kong-based property designer Lippo Ltd. said earlier this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of an integrated resort in Incheon, Southern 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 within the company that is latter.
Previously this week, nevertheless, it became clear that the parties that are involved perhaps not agreed on all the necessary conditions concerning the sale of the stated part of land. Here you should note that the purchase contract is set to expire on December 31, 2015. Lippo said in a filing to the Hong Kong Stock Exchange which they might not be in a position to proceed using the casino project due to ‘a range uncertainties.’
The property designer explained that the said ‘uncertainties’ are associated with perhaps the conditional land deal would eventually be finalized and if mobile sms deposit casinos the consortium user would acknowledge various investment terms.
LOCZ Korea Corp., while the consortium happens to be called, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE Global, a business partly owned by the Hong Kong-based real estate designer, and Caesars Entertainment’s Caesars Korea. Lire la suite