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Lippo-Caesars Southern Korea Casino Venture Clouded by ‚Uncertainties‘

Freitag, Januar 17th, 2020

Lippo-Caesars Southern Korea Casino Venture Clouded by ‚Uncertainties‘

Hong Kong-based estate that is real Lippo Ltd. said earlier in the day this week that its joint project with United States gaming giant Caesars Entertainment Corp. for the construction of a integrated resort in Incheon, Southern Korea may not be materialized due to ‚a quantity of uncertainties.‘

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

Previously this week, however, it became clear that the involved events have actually maybe not decided on all of the necessary conditions about the sale of the said portion of land. Here it’s important to keep in mind that the purchase contract is set to expire on 31, 2015 december. Lippo stated in a filing towards the Hong Kong Stock Exchange which they might never be able to continue with all the casino project due to ‚a amount of uncertainties.‘

The property designer explained that the said ‚uncertainties‘ are pertaining to perhaps the conditional land deal would sooner or later be finalized and whether the consortium user would agree on various investment terms.

LOCZ Korea Corp., once the consortium has been named, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE Global, an organization partly owned by the Hong Kong-based real estate developer, and Caesars Entertainment’s Caesars Korea. (mehr …)