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Lippo shares surge as South Korea casino gets initial approval
March 18, 2014 / 5:15 AM / 4 years ago

Lippo shares surge as South Korea casino gets initial approval

HONG KONG, March 18 (Reuters) - Shares of Lippo Ltd jumped 41 percent in resumed trade on Tuesday after South Korea granted preliminary approval to a consortium that includes the Hong Kong-listed company to build and operate a casino resort.

Lippo, which has a market value of $279 million, was given a preliminary licence together with U.S.-based Caesars Entertainment Corp and property developer OUE Ltd to build the resort, including a foreigners-only casino estimated to cost 855 billion won ($801 million).

Lippo’s shares, which were suspended for the morning trading session on Tuesday, jumped as far as HK$6 by 0506 GMT to a six-year high, outpacing a 0.4 percent gain in the benchmark index

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