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

Hong Kong-based property developer Lippo Ltd. said early 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, South Korea may 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 vendor MIDAN City developing Co. Ltd. Lippo holds a 55% stake in the latter company.

Earlier this week, but, it became clear that the parties that are involved perhaps not agreed upon all the necessary conditions concerning the purchase associated with the said portion of land. Here you will need to note that the purchase contract is set to expire on 31, 2015 december. Lippo said in a filing to the Hong Kong Stock Exchange that they may not be able to proceed utilizing the casino project due to ‘a range uncertainties.’

The real estate designer explained free pokies to download that the said ‘uncertainties’ are associated with if the 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 has been called, comprises Lippo Worldwide, a wholly owned subsidiary of Lippo, OUE Global, a business partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea. Read More