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

terça-feira, janeiro 14th, 2020

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

Hong Kong-based property designer Lippo Ltd. stated early 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, South Korea may not be materialized due to ‘a quantity 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 percentage 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, but, it became clear that the involved events have actually not agreed upon all the necessary conditions regarding the sale regarding the stated portion of land. Here it’s important to keep in mind that the purchase agreement is set to expire on 31, 2015 december. Lippo said in a filing towards the Hong Kong Stock Exchange they might not be in a position to continue because of the casino task due to ‘a number of uncertainties.’

The real-estate designer explained that the said ‘uncertainties’ are linked to whether or not the conditional land deal would ultimately be finalized and if the consortium user would agree with different investment terms.

LOCZ Korea Corp., while the consortium was called, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE International, a business partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea. (mais…)