Okada Manila-linked entity in RFI for NY State casino permit

Dec 09, 2021 Newsdesk Latest News, Philippines, Top of the deck, World  

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An entity associated with Philippine casino resort Okada Manila is to take part in a request-for-information (RFI) process linked to possible new casino licences in the south of New York State, in the United States, it was announced on Thursday.

Okada Manila International Inc – a subsidiary of Japanese leisure conglomerate Universal Entertainment Corp, the parent of Okada Manila – is to link with Nasdaq-listed 26 Capital Acquisition Corp to make a submission to New York State Gaming Commission in response to the latter’s RFI initiative on the matter.

Bloomberg reported on Wednesday – citing 26 Capital’s leader, Jason Ader, an institutional investor, asset manager, and research analyst – that the parties would submit plans on Friday (December 10) for a casino in New York State, that would feature the world’s largest cryptocurrency trading floor, as well as an eSports arena.

Okada Manila International – earmarked to become the holding company of Okada Manila – recently announced its corporate name change to UE Resorts International Inc, and the response to New York’s information request will be submitted under the latter name, according to Thursday’s press release.

The notice issued by the parties said that the up-to-three anticipated New York State casino licences were the last ones to be authorised as part of a 2013 ballot measure that allowed for up to seven new non-tribal casinos, four of which have already been built in the upstate area.

In October it was announced that Tiger Resort, Leisure and Entertainment Inc, operator of Okada Manila and additionally a Universal Entertainment subsidiary, would merge with 26 Capital Acquisition Corp.

The result would be Okada Manila becoming a publicly traded company listed on Nasdaq. The 26 Capital entity is a special purpose acquisition company (SPAC) already on Nasdaq.

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