• 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

26 Capital-Okada Manila delay can aid investors: analyst

Feb 13, 2023 Newsdesk Latest News, Philippines, Top of the deck  


26 Capital-Okada Manila delay can aid investors: analyst

Further delay in a United States stock market flotation for an entity linked to the Okada Manila casino resort in the Philippine capital could actually make the pricing for the exercise more compelling, suggests a note from analyst Howard Klein, in an article posted to the Smartkarma platform.

The entity to be listed is due to be created via a merger between U.S.-listed 26 Capital Acquisition Corp and a promoter of the Okada Manila property.

“Our contention is that the legal delay… will put… in full force… an estimated 6.7 percent rise in revenue as recovery momentum increases toward the third quarter,” wrote Mr Klein, referring to the Manila gaming market.

“26 Capital valuation of Okada [Manila] at US$2.5 billion with a US$10 per share offer price could run up quickly as market momentum turns positive sentiment higher,” he added.

Mr Klein further stated that his “on-the-ground sources in Manila” believe the flotation in the U.S. “will move forward, regardless of the impending delay”.

U.S.-listed 26 Capital is suing Tiger Resort, Leisure and Entertainment Inc – the promoter of Okada Manila, and itself a unit of Japan’s Universal Entertainment Corp – urging the prompt consummation of a merger between the two sides that had been announced in October 2021.

The 26 Capital entity – a special purpose acquisition company (SPAC) listed on the Nasdaq stock market – is led by Jason Ader, founder of investment management firm SpringOwl Asset Management LLC. Mr Ader served between 2009 and 2016 as an independent director at U.S.-based casino operator Las Vegas Sands Corp.

In January, Universal Entertainment said that fourth-quarter gross gaming revenue (GGR) at Okada Manila had risen by 49.7 percent year-on-year, contributing to a full-year 2022 GGR tally that went up by 81.5 percent.

The improvement coincided with the Manila casino market reopening in the first half of 2022, after a period of closures and capacity limitations linked to the Covid-19 pandemic.

During the year, it had been announced that Okada Manila had from mid-April been permitted to operate online casino business from its bricks-and-mortar premises.


  • tweet
Related articles
  • Universal Ent affiliate to develop land next to Okada Manila
    Universal Ent affiliate to develop land...

    Mar 24, 2023  

  • Universal Ent counterclaims are desperate: 26 Capital
    Universal Ent counterclaims are...

    Mar 21, 2023  

More news
  • Macau March GGR up 247pct y-o-y, to US$1.6bln: govt
    Macau March GGR up 247pct y-o-y, to...

    Apr 01, 2023  

  • Some Macau hotels say no rooms vacant 3 days of Easter
    Some Macau hotels say no rooms vacant 3...

    Mar 31, 2023  


Latest News

Macau March GGR up 247pct y-o-y, to US$1.6bln: govt

Macau March GGR up 247pct y-o-y, to US$1.6bln: govt

Apr 01, 2023  

Macau’s casino gross gaming revenue (GGR) was up 246.9 percent year-on-year in March, to just under MOP12.74 billion (US$1.58 billion). The March tally was up 23.4 percent month-on-month,...
Read More
Some Macau hotels say no rooms vacant 3 days of Easter

Some Macau hotels say no rooms vacant 3 days of Easter

Mar 31, 2023  

Macau 2023 GGR at 45pct of pre-Covid level: Moody’s

Macau 2023 GGR at 45pct of pre-Covid level: Moody’s

Mar 31, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Efforts have pivoted to the construction of the hotel tower, with plans to launch a soft opening before the end of 2024 and a grand opening in 2025”

Casino investor LET Group

On the development of a casino hotel in Manila, the Philippine capital



Most Popular

  • Some Macau hotels say no rooms vacant 3 days of EasterSome Macau hotels say no rooms vacant 3 days of Easter March 31, 2023
  • Macau 2023 GGR at 45pct of pre-Covid level: Moody’sMacau 2023 GGR at 45pct of pre-Covid level: Moody’s March 31, 2023
  • Macau March GGR up 247pct y-o-y, to US$1.6bln: govtMacau March GGR up 247pct y-o-y, to US$1.6bln: govt April 1, 2023
  • LET Group narrows year loss, Manila site open end 2024LET Group narrows year loss, Manila site open end 2024 March 31, 2023
  • Japan govt delays IR decision due to local elections: reportJapan govt delays IR decision due to local elections: report March 30, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us