Lippo-Caesars South Korea Casino Project Clouded by ‘Uncertainties’
Hong Kong-based real-estate developer Lippo Ltd. said earlier 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 possibly not be materialized due to ‘a wide range 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 portion of land for the planned hotel and casino resort from vendor MIDAN City Development Co. Ltd. Lippo holds a 55% stake into the second company.
Earlier in the day this week, nonetheless, it became clear that the online pokies free bonus parties that are involved maybe not agreed upon most of the necessary conditions concerning the sale of the said part of land. Here you will need to observe that the purchase contract is set to expire on December 31, 2015. Lippo stated in a filing towards the Hong Kong Stock market that they may never be able to continue with the casino task due to ‘a number of uncertainties.’
The property designer explained that the said ‘uncertainties’ are related to whether or not the conditional land deal would sooner or later be finalized and whether or not the consortium user would acknowledge various investment terms.
LOCZ Korea Corp., because the consortium was called, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE Overseas, an organization partly owned by the Hong Kong-based real estate developer, and Caesars Entertainment’s Caesars Korea.
Lippo said in its filing that LOCZ Korea has entered into negotiations with MIDAN for the extension that is potential of deadline (daha&helliip;)