Repo Limited is still discussing the disposal of LOCZ Korea Corporation
Hong Kong-based real estate developer Repo Limited said it is still in talks with Caesars Entertainment over the disposal of its stake in a joint venture to host a casino in the South Korean city of Incheon.
The joint venture of LOCZ Korea Corporation was first established in March 2014 and plans to develop Caesars Casino Incheon, which has not yet begun construction despite signing a $95.9 million conditional land purchase contract. 슬롯머신
The parties to LOCZ Korea Corporation include the Caesars Korea Holding Company, owned by Las Vegas-based Caesars Entertainment Corporation, and Lipo Worldwide Investments Limited, a subsidiary of Lipo Limited. The third member of the joint venture is believed to be Singaporean real estate company OUE Limited, GGRASIA reported through OUE International Holdings Private Limited venture.
After announcing in March that it was considering selling LOCZ Korea shares, Lipo Co. submitted a surprise memorandum on August 19 to a joint venture to be established separately by Caesars Korea Holdings and an unidentified third-party investor.
"Exit negotiations continue, although exit agreements were expected to be signed within November 2016, and the outcome depends on separate negotiations between Caesars Korea [holding company] and investors," Repo Limited reportedly said in its latest document released on Tuesday.
The document reportedly declared that Repo Limited believes these unrelated negotiations are "in progress" and that the possibility of an exit agreement being signed sometime this month is "not likely."
The 10.6 acre Incheon casino venture was described in 2014 as a $739 million plan featuring a total floor area of 1.61 million square feet, along with all gaming operations managed by Caesars Korea Holdings, GGRAcia reports. Development was expected to take place in time for the start of the 2018 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 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 in 2020.