Lippo Ltd has successfully completed its exit from the project with Caesars Entertainment.
South Korea.- The joint venture LOCZ Korea, which was managed by Caesars Entertainment and Lippo Ltd, was finally dismissed with the exit of Lippo last Friday. The casino association planned to build a casino in Yeongjong Island with the investment of US$2 billion.
As the joint venture never accomplished the project, the Hong Kong real estate developer Lippo and its associated business, Lippo Worldwide Investments Ltd, decided to dissolve the proposal.
Under the exit arrangement, Lippo Worldwide will receive another US$23.5 million in aggregate. Furthermore, Lippo’s business OUE International Holdings Pte Ltd, a unit of Singapore real estate business OUE Ltd, will also exit the joint venture.