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Lippo Joint Caesars Korea Casino Project Unclear
Property developer Lippo Ltd said it was uncertain whether a joint game project with Caesars Entertainment would be underway. The joint venture started in Incheon, South Korea and was approved by the government . However, according to Repo, the realization of resort casinos is still not 100% certain.
The company said no agreement has yet been reached on all the terms of the conditional land sale contract, and it is not known whether the two sides will be able to find common ground as the contract expires at the end of this year. At the end , lipo and Caesars signed an agreement to purchase approximately 80,170 sqmi of land where the resort was to be built.
A statement from Repo said LOCZ Korea Corporation was discussing the acquisition and extension of the deadline with its equity-owned company, MIDAN City Development Co. Ltd. But given that MIDAN is actually a 55% owned subsidiary by Lipo, there has been speculation that it may be the trembling giant Caesars Entertainment that is responsible for the current situation.
Caesars face some big problems. In other words, lower creditors are trying to force the company to respect the debt of Caesars’ operating company, an event that could lead to the parent company’s bankruptcy. So some experts are wondering if Lippo is buying time to see how the legal dispute unfolds before continuing with the project.
The consortium of Lippo and Caesars wanted to invest about $2 billion in a game project that is expected to include casinos, hotels, shopping malls, convention centers and even residential buildings.