Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’

Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’

Hong Kong-based real estate developer Lippo Ltd. stated early in the day 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 amount of uncertainties.’

Later in 2014, the consortium of Lippo and Caesars Entertainment subsidiaries reached a conditional deal for the purchase of a 90,000-square-meter part of land for the planned hotel and casino resort from vendor MIDAN City Development Co. Ltd. Lippo holds a 55% stake within the company that is latter.

Earlier in the day this week, nevertheless, it became clear that the involved parties have actually maybe not agreed on all the necessary conditions about the sale of the said portion of land. Right Here it is critical to observe that the purchase agreement is set to expire on 31, 2015 december. Lippo stated in a filing towards the Hong Kong Stock market they may not be able to proceed using the casino task due to ‘a wide range of uncertainties.’

The estate that is real explained that the said ‘uncertainties’ are associated with perhaps the conditional land deal would fundamentally be finalized and or perhaps a consortium user would acknowledge different investment terms.

LOCZ Korea Corp., due to the fact consortium was named, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE Overseas, a company 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 “Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’” の続きを読む