Universal hopes Okada Manila biz listed before Sept 30

Jun 30, 2022 Newsdesk Latest News, Philippines, Top of the deck  

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Universal Entertainment Corp said in a Wednesday statement it hoped to get the Okada Manila casino operation listed in the United States even before a new September 30 deadline agreed with 26 Capital Acquisition Corp, its partner in that planned exercise.

The Japanese conglomerate confirmed that 26 Capital had agreed to a three-month delay on the deal – against the backdrop of what Universal Entertainment claims is an “illegal” occupation since May 31, of the Philippine gaming resort by its previously-ousted founder, Kazuo Okada.

Universal Entertainment had previously outlined that a merger of its unit Universal Entertainment Resorts International Inc and the already Nasdaq-listed 26 Capital would have the effect of getting the Okada Manila business listed.

The Japanese group  stated in the Wednesday update: “…while the deadline for the merger agreement will be extended by three months, the company intends on promptly carrying out the merger prior to the deadline once the environment to do so is in place.”

Who exactly controls an entity called Tiger Resort, Leisure and Entertainment Inc, that was set up to run Okada Manila prior to the property’s 2016 launch, is currently being disputed by steps including civil court action and criminal complaint.

In its Wednesday release, Universal Entertainment said its unit, Universal Entertainment Resorts International, intended to add information related to the May 31 event and its “associated risks” to the registration statement that it will file with the U.S. Securities and Exchange Commission for the merger exercise and subsequent listing.

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