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OUE withdraws from project to build South Korea's first foreign-owned integrated resort

PC Lee Published on Sat, Mar 11, 2017 / 1:51 PM GMT+8

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SINGAPORE (March 11): OUE on Friday announced it is exiting from a proposed integrated resort project in Incheon, South Korea.

The property group is selling its 40% investment in the project to a JV company formed by Caesars Entertainment Corporation and Guangzhou R&F Properties Co for up to US$22.9 million ($32.3 million) in cash.

Of the purchase price, US$2.5 million is a contingent consideration.