Lippo Worldwide Investments, a Hong Kong-based property developer, has said it is in talks with Caesars Entertainment over the potential sale of its share in the pair’s casino project planned for Incheon in South Korea.
Lippo and Caesars Korea Holding had formed a consortium that had planned to pay US$95.9m for land to house the integrated resort, which has already been approved by the South Korean government. The Incheon project has been pitched at costing US$739.2m with a floor area of more than 150,000 square metres.
Lippo said in a filing to the Hong Kong stock exchange: “In light of the current outlook for the gaming industry in North Asia and the volatility of the global economy, the group is in discussions with Caesars for some alternatives which may include the possibility for a third party investor to acquire the group’s interest in the project. The company has no interest in participating in any gaming aspect of the project in any event.”
Towards the end of last year, Lippo said in a filing to the Hong Kong Stock Exchange that it may not be able to proceed with the casino project due to ‘a number of uncertainties.’