The deal for Caesars’ planned casino in Korea is in jeopardy

The projected venue located in Incheon, near Seoul, was given the green light by the government in 2014.

South Korea.- Lippo Ltd, the Hong Kong property developer that owns 55 percent of the joint venture with Caesars Entertainment Corporation, revealed this week that there was uncertainty whether the gaming project would proceed. The reason is that the conditions in the land sale and purchase agreement hasn’t been met and they expire on December 31.

The project started back in 2013 in Incheon, South Korea, and the plan was to build a US$2bn multi-hotel – that would include a casino, hotels, shopping malls, convention centres and even residential buildings-, with a US$700m phase one finished by 2018.

Last year, Lippo and Caesars agreed to buy a land plot -of about 80,170 square metres- to build the venue, but now it’s unknown whether the two parties would come to an agreement.