Caesars Entertainment will invest in the country after the announced dissolution of LOCZ Korea.
South Korea.- Caesars Entertainment announced yesterday the investment in South Korea under an agreement with R&F Properties. Both major companies will install a new casino centre in the Asian country.
Caesars had previously created a joint venture LOCZ Korea, with Lippo Group and OUE International Holdings in order to invest in South Korea. However, the companies never completed a casino project and now they are negotiating the dissolution.
Lippo Group announced last week its intentions to sell its stake, which will be acquire by the new joint venture between Caesars Entertainment and R&F Properties. Each company has a 50 percent interest in the new casino giant of US$30.5 million. The agreement also contemplates potential further equity contributions of up to US$110 million.