Lippo-Caesars South Korea Casino Project Clouded by ‘Uncertainties’
Hong Kong-based estate that is real 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, Southern Korea may possibly not be materialized due to ‘a wide range 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 vendor MIDAN City developing Co. Ltd. Lippo holds a 55% stake within the second business.
Previously this week, nonetheless, it became clear that the parties that are involved perhaps not agreed upon most of the necessary conditions about the purchase of the stated portion of land. Here you should remember that the purchase agreement is set to expire on 31, 2015 december. Lippo said in a filing to the Hong Kong Stock market that they might never be in a position to proceed using the casino project due to ‘a wide range of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are pertaining to or perhaps a conditional land deal would in the course of time be finalized and whether the consortium user would acknowledge different investment terms.
LOCZ Korea Corp., while the consortium is named, comprises Lippo Worldwide, 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.
Lippo stated in its filing that LOCZ Korea has entered into negotiations with MIDAN for the extension that is potential of due date Continue reading “Lippo-Caesars South Korea Casino Project Clouded by ‘Uncertainties’”