• 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

Okada Manila, 26 Capital in SPAC merger agreement

Oct 18, 2021 Newsdesk Latest News, Philippines, Top of the deck, World  


Okada Manila, 26 Capital in SPAC merger agreement

The promoter of Philippine casino resort Okada Manila announced on Friday a merger agreement with 26 Capital Acquisition Corp, which will result in Okada Manila becoming a publicly traded company listed on Nasdaq. The 26 Capital entity is a special purpose acquisition company (SPAC) listed on the Nasdaq stock market in the United States.

Tiger Resort, Leisure and Entertainment Inc, operator of the Okada Manila (pictured), is a subsidiary of Japanese conglomerate Universal Entertainment Corp.

Universal Entertainment is expected to own approximately 88 percent of the combined company at closing, assuming no redemptions by shareholders of 26 Capital. That is subject to dilution if further capital is raised as part of the transaction prior to closing of the merger, according to Friday’s announcement.

Under the deal, 26 Capital is to provide Okada Manila with up to US$275 million in cash. The resort operator intends to use 26 Capital’s cash “for growth opportunities and general corporate purposes,” it said.

The statement highlighted that the transaction implied an enterprise value for Okada Manila of US$2.6 billion.

The 26 Capital entity is led by Jason Ader, founder of investment management firm SpringOwl Asset Management LLC. Mr Ader is described in the release as having more than 26 years of experience as an institutional investor and asset manager, “with particular expertise in the gaming and hospitality industries”.

Mr Ader served between 2009 and 2016 as an independent director at U.S.-based casino operator Las Vegas Sands Corp.

Following the merger, Okada Manila will continue to be led by president Byron Yip, and chief financial officer Hans Van Der Sande.

The release quoted Mr Yip as saying: “We are … excited to realise the full potential of this state-of-the-art facility for gaming, entertainment, and hospitality as a public company and in partnership with Jason Ader of 26 Capital.”

Also quoted in the statement, Mr Ader said Okada Manila was “poised for tremendous growth,” adding that the property was “an extremely compelling investment,” given its “potential for industry-leading margins and cash flow conversion.”

Prior to the merger, Tiger Resort, Leisure and Entertainment is to become a unit of Okada Manila International Inc, which will be the listed entity in Nasdaq.

The Japanese entertainment conglomerate said in a separate filing that the closing of the merger and the listing are expected “to be completed no later than the end of June 2022.”

Separately on Friday, Universal Entertainment Corp said gross gaming revenue (GGR) at Okada Manila rose circa 59.6 percent quarter-on-quarter, to PHP4.17 billion (US$82.2 million).


  • tweet
Related articles
  • Okada Manila control dispute back in court: Universal
    Okada Manila control dispute back in...

    Jun 22, 2022  

  • Claimed bank freeze not hurt Okada Manila: Kazuo Okada
    Claimed bank freeze not hurt Okada...

    Jun 21, 2022  

More news
  • Covid-19 test certificate to enter Macau casinos
    Covid-19 test certificate to enter...

    Jun 27, 2022  

  • Parisian quarantine hotel as Macau Covid cases near 360
    Parisian quarantine hotel as Macau...

    Jun 27, 2022  


Latest News

Covid-19 test certificate to enter Macau casinos

Covid-19 test certificate to enter Macau casinos

Jun 27, 2022  

Macau’s health authorities said on Sunday that they would require all people wishing to enter the city’s casinos not only to have their body temperature measured and to display a...
Read More
Parisian quarantine hotel as Macau Covid cases near 360

Parisian quarantine hotel as Macau Covid cases near 360

Jun 27, 2022  

Maybe new Macau mass Covid test, community spread still

Maybe new Macau mass Covid test, community spread still

Jun 24, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


357

The aggregate number – as of end of Sunday – of confirmed infections in Macau linked to the most serious Covid-19 outbreak impacting the city since the start of the pandemic in 2020



Most Popular

  • Maybe new Macau mass Covid test, community spread stillMaybe new Macau mass Covid test, community spread still June 24, 2022
  • Blackstone clinches US$6.15bln takeover of Crown ResortsBlackstone clinches US$6.15bln takeover of Crown Resorts June 24, 2022
  • Parisian quarantine hotel as Macau Covid cases near 360Parisian quarantine hotel as Macau Covid cases near 360 June 27, 2022
  • Covid-19 test certificate to enter Macau casinosCovid-19 test certificate to enter Macau casinos June 27, 2022
  • Jeju still studying online gaming for its casinos: govtJeju still studying online gaming for its casinos: govt June 24, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us