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

Tuesday, January 14th, 2020

Lippo-Caesars Southern Korea Casino Venture 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 a built-in resort in Incheon, Southern Korea might not be materialized due to ‘a number 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 in the company that is latter.

Earlier in the day this week, but, it became clear that the parties that are involved perhaps not decided on most of the necessary conditions about the sale associated with the said part of land. Right Here it is important to observe that the purchase contract is set to expire on December 31, 2015. Lippo said in a filing towards the Hong Kong Stock Exchange that they may never be in a position to continue aided by the casino project due to ‘a wide range of uncertainties.’

The estate that is real explained that the said ‘uncertainties’ are linked to whether the conditional land deal would in the course of time be finalized and whether the consortium member would acknowledge various investment terms.

LOCZ Korea Corp., since the consortium happens to be called, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE Global, an organization partly owned by the Hong Kong-based property developer, and Caesars Entertainment’s Caesars Korea. (more…)