HONG KONG (Yosefardi) – Ministry of Culture, Sports and Tourism of the Republic of Korea has on June 19th, 2013 declined the application of Lippo Limited-Casears consortium to build an integrated resort in Incheon.
“The consortium has a 90-day period to file an appeal against the said decision,” Lippo Ltd informed the stock exchange of Hong Kong today.
As reported earlier, Lippo Limited and Nasdaq-listed Caesars Entertainment Corporation have entered into agreements to design, develop, and own an integrated resort located in Incheon, South Korea, which includes hotels and serviced apartments.
Caesars would construct and operate an integrated hotel-casino to be located in the project, but Lippo claimed it will not participate in any gaming business in the project.