Lippo Ltd., a Hong Kong-listed real estate developer, says it is continuing to try to extricate itself from an agreement to build an integrated resort in Incheon, South Korea with Caesars Entertainment Corp.
In a filing to the Hong Kong Stock Exchange last month, Lippo announced that an exit agreement that seemed imminent has not yet been reached. In the filing, the company said, “The negotiations are continuing and their outcome is dependent upon a separate set of negotiations between Caesars Korea and the investor.” The developer announced it would withdraw in March. According to GGRAsia, the KRW855 billion (US$730 million) resort would include more than 150,000 square meters (1.61 million square feet) of gaming floor on a 4.3 hectare (10.6 acre) site.
