• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Lippo mulls stake sale re Korea casino plan with Caesars

Mar 23, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  


Lippo mulls stake sale re Korea casino plan with Caesars

Hong Kong-listed real estate developer Lippo Ltd says it is in talks with U.S.-based casino group Caesars Entertainment Corp on issues including Lippo possibly selling its stake in a proposed gaming joint venture in Incheon, South Korea.

“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,” Lippo said in a filing on Tuesday to the Hong Kong Stock Exchange.

Lippo said that even if it does decide to divest its interest in the scheme, it might still participate in “certain developments” relating to the project, subject to conditions being agreed.

“However, it is to be noted the company has no interest in participating in any gaming aspect of the project in any event,” added Lippo.

GGRAsia attempted to contact Caesars for comment but no reply had been received by the time this story went online.

Gaming for the venue was slated to be managed by Caesars. Gary Loveman, a former chairman of the firm, had said the company was working to open the resort before the 2018 Winter Olympics, due to be held in South Korea.

In December 2014, GGRAsia reported that a consortium including Caesars Korea Holding Co LLC, a U.S. firm wholly owned by Caesars, and Lippo Worldwide Investments Ltd, a unit of Lippo Ltd, made a conditional deal to acquire the land for a casino project at Incheon for just under US$95.9 million.

The other partner in the LOCZ Korea Corp consortium was reported to be OUE International Holdings Pte Ltd, a Singapore company that is wholly owned by Singapore real estate firm OUE Ltd.

In March 2014, business news outlet Reuters reported that the equity allocation between the consortium partners would be 40 percent from Caesars, 40 percent from OUE and 20 percent from Lippo Group.

Lippo Ltd is the controlling shareholder in OUE Ltd according to the latter’s annual report for 2014 filed to the Singapore Stock Exchange in April 2015.

The Incheon project was described in a March 2014 filing by OUE Ltd to the Singapore Exchange as a KRW855-billion (US$739.2-million) scheme with gross floor area of more than 150,000 square metres (1.61 million square feet) on a 4.3-hectare (10.6-acre) site.

According to a February note from Union Gaming Securities Asia Ltd, construction for the project has not yet started. Analyst Grant Govertsen said at the time there were “uncertainties currently associated” with the project.


  • tweet
Related articles
  • Chen Si promoted to Mohegan Inspire president, Howk COO
    Chen Si promoted to Mohegan Inspire...

    Sep 12, 2023  

  • China tour group return to aid S.Korea casinos: analyst
    China tour group return to aid S.Korea...

    Sep 07, 2023  

More news
  • Grand Hyatt MICE revamp before year end: Melco CEO
    Grand Hyatt MICE revamp before year...

    Sep 21, 2023  

  • Melco to help Macau govt revitalise some Inner Harbour piers
    Melco to help Macau govt revitalise...

    Sep 21, 2023  


Latest News

Grand Hyatt MICE revamp before year end: Melco CEO

Grand Hyatt MICE revamp before year end: Melco CEO

Sep 21, 2023  

Lawrence Ho Yau Lung, chairman and chief executive of casino group Melco Resorts & Entertainment Ltd, has confirmed to GGRAsia that before year-end it will start revamp work for the meeting space...
Read More
Melco to help Macau govt revitalise some Inner Harbour piers

Melco to help Macau govt revitalise some Inner Harbour

Sep 21, 2023  

GEN Malaysia stable outlook, rebound taking its time: Fitch

GEN Malaysia stable outlook, rebound taking its time: Fitch

Sep 21, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Genting Malaysia’s revenue rebound has been slower than our expectations, and the impact on leverage has been compounded by Empire’s weak metrics”

Akash Gupta, Shiv Kapoor and Hasira De Silva

Analysts at Fitch Ratings



Most Popular

  • Macau logs 3.2mln visitors in Aug, only 4pct from overseasMacau logs 3.2mln visitors in Aug, only 4pct from… September 20, 2023
  • Golden Week Macau GGR to be 17pct up on rest of Oct: MSGolden Week Macau GGR to be 17pct up on rest of Oct: MS September 21, 2023
  • No swift resumption of dividends for most Macau ops: GSNo swift resumption of dividends for most Macau ops: GS September 19, 2023
  • LT Game readies new LMG product as Macau recovers: ChunLT Game readies new LMG product as Macau recovers: Chun September 20, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us