Lippo-Caesars South Korea Casino Venture Clouded by ‘Uncertainties’
Hong Kong-based property developer 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 may not be materialized due to no deposit bonus mobile casinos ‘a wide range of uncertainties.’
Later in 2014, the consortium of Lippo and Caesars Entertainment subsidiaries reached a deal that is conditional the purchase of a 90,000-square-meter percentage of land for the planned hotel and casino resort from merchant MIDAN City Development Co. Ltd. Lippo holds a 55% stake in the latter company.
Previously this week, however, it became clear that the parties that are involved perhaps not agreed upon most of the necessary conditions about the purchase regarding the said part of land. Here you should observe that the purchase contract is set to expire on 31, 2015 december. Lippo said in a filing to your Hong Kong Stock market they might not be in a position to continue with all the casino task due to ‘a wide range of uncertainties.’
The estate that is real explained that the said ‘uncertainties’ are linked to or perhaps a conditional land deal would ultimately be finalized and whether or not the consortium member would agree with various investment terms.
LOCZ Korea Corp., because the consortium was called, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE Overseas, a business partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea. Continue reading