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

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

Hong Kong-based real estate designer Lippo Ltd. said earlier in the day this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of an built-in resort in Incheon, Southern Korea may possibly 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 portion 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 this week, but, it became clear that the parties that are involved perhaps not agreed on most of the necessary conditions regarding the sale regarding the stated portion of land. Right Here you will need to keep in mind that the purchase contract is set to expire on December 31, 2015. Lippo stated in a filing to the Hong Kong Stock Exchange they might not be able to proceed using the casino project due to ‘a range uncertainties.’

The estate that is real explained that the said ‘uncertainties’ are associated with if the conditional land deal would ultimately be finalized and whether the consortium user would acknowledge different investment terms.

LOCZ Korea Corp., while 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 estate that is real, and Caesars Entertainment’s Caesars Korea.