The deal values Okada Manila at $2.6bn (£1.9bn/€2.3bn), with the casino receiving up to $275m in cash from 26 Capital’s IPO. The transaction is expected to close in the first half of 2022, subject to approval by 26 Capital stockholders and other customary closing conditions. The newly publicly traded business will have its common stock listed on Nasdaq through an American Depository Receipt program.
Okada Manila, a Japanese-owned and operated casino in Manila, Philippines, opened in 2019. It currently has over 35,000sq m of gaming space, 599 gaming tables, and 4,263 electronic gaming machines. When fully open in 2022, the casino will expand its gambling capabilities to 974 gaming tables and 6,890 electronic gaming machines, as well as offer 993 luxury hotel rooms, retail facilities, and over 25 dining options.
Activist investor Jason Ader, leading 26 Capital Acquisition, aims to unlock value and drive new growth opportunities for the combined business. Ader believes that Okada Manila is positioned for tremendous growth in the gaming market in Asia. If the deal goes through, Okada Manila will continue to be led by its current leadership team and operated under Universal Entertainment’s ownership.
President Byron Yip stated that Okada Manila is at the heart of the gaming and hospitality business in Asia and is excited about expanding the facility’s potential as a public company. Universal Entertainment’s chairman, Jun Fujimoto, also expressed enthusiasm for introducing Okada Manila to the public markets and supporting its future growth.
Earlier this year, Okada Manila received approval from the Philippine Amusement and Gaming Corporation (PAGCOR) to enter the online gaming market, becoming the first of the four integrated resort operators in “Entertainment City” to launch an online product.
