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

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

Hong Kong-based real-estate designer Lippo Ltd. stated earlier in the day this week that its joint project with United States gaming giant Caesars Entertainment Corp. for the construction of a built-in resort in Incheon, Southern Korea might not be materialized due to ‘a amount 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 percentage of land for the planned hotel and casino resort from vendor MIDAN City developing Co. Ltd. Lippo holds a 55% stake within the second company.

Earlier this week, nonetheless, it became clear that the parties that are involved not decided on all of the necessary conditions about the sale associated with the stated portion of land. Right Here it’s important to observe that the purchase agreement is set to expire on December 31, 2015. Lippo stated in a filing to the Hong Kong Stock market which they might not be in a position to continue with the casino task due to ‘a quantity of uncertainties.’

The real-estate developer explained that the said ‘uncertainties’ are associated with if the conditional land deal would ultimately be finalized and whether the consortium user would agree on various investment terms.

LOCZ Korea Corp., due to the fact consortium was named, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE Global, a company partly owned by the Hong Kong-based real-estate designer, and Caesars Entertainment’s Caesars Korea. (más…)