Philippines’ casino resort Okada Manila to list in U.S. market

October 18, 2021 Industry Updates

Okada Manila, a Philippines-based casino resort, has agreed to go public in the United States through a merger with blank-check firm 26 Capital Acquisition Corp in a deal valued at $2.5 billion.

The merger, announced on Friday, is expected to give Okada Manila cash proceeds of up to $275 million that it plans to use for growth once COVID-19 curbs ease in what was one of Asia’s fastest-growing gambling markets before the pandemic.

Its parent company Japan’s Universal Entertainment Corp will roll its entire equity into the combined company, of which it will own about 88% upon the close of the deal.

The merger with 26 Capital Acquisition is expected to close in the first half of next year. The blank-check firm is led by Jason Ader, the co-founder and chief executive of New York-based buyout firm SpringOwl Asset Management.