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Repo Limited officially sells all stake in S. Korea casino project
A year ago, after announcing plans to withdraw from a joint venture that hoped to host a casino in the South Korean city of Incheon, real estate developer Repo Limited has now shut down the project altogether and received $12.2 million in compensation.
Hong Kong-listed Lippo Ltd said it had transferred its stake in LOCZ Korea Corporation to a joint venture comprising Caesars Entertainment Corporation and Chinese company Guangzhou R&F Properties Company Limited, and said the compensation amount includes all previous developments made in connection with Caesars Casino Incheon development.
The 10.6 acre Incheon Casino Venture was described as a $739 million plan that would provide a total of 1.61 million square feet of space, along with all gaming operations managed by Caesars Korea Holdings, owned by Las Vegas-based Caesars Entertainment. Development was expected to take place in time for the start Winter Olympics in nearby PyeongChang, but these plans soon faced unspecified delays.
If it comes to fruition, LOCZ Korea Corporation project is a local company Farada set to open by the end of AprilTogether with Paradise City of Is Company Limited and Japan’s Pachinko operator Sega Sammy Holdings, it could be one of three large-scale foreigner-only casino developments for the Incheon area, and the Mohegan Tribal Game Agency’s Inspired Integrated Resort plan will welcome its first participants .
Lipo Co., Ltd. explained that it has decided to dispose of its stake in LOCZ Korea Corporation due to various uncertainties regarding the acquisition of land for the development of Caesars Casino Incheon and uncertain whether the completed project will be able to obtain casino permission.
“In addition, consortium members were unable to agree and ultimately decide on the investment in the project, the form in which the company’s investment should take, and the final terms of the contract governing the project,” a statement from Repo Limited said. “In view of the above uncertainty, the Board believes the exit benefits the group as it releases capital that has been tied to the project for the group’s general corporate purposes over the past few years. The Board believes that the terms of exit are fair, reasonable and in the interests of the company’s shareholders as a whole.”