A Nasdaq-listed company, is pursuing a $2.5 billion SPAC agreement

A Nasdaq-listed company, is pursuing a $2.5 billion SPAC agreement

A Nasdaq-listed company, is pursuing a $2.5 billion SPAC agreement
  • Manila is owned by subsidiaries of Japan’s Universal Entertainment Corp.
  • Okada’s Filipino partners took physical control of the $3.3 billion casinos in May.
  • Universal’s domestic unit, Tiger Resorts, has appealed that ruling and what it said was an “illegal and violent” takeover.

The CEO of 26 Capital Acquisition Corp (ADER.O) said on Wednesday the unlimited free pass firm was resolved to its $2.5 billion SPAC acquisition of the Philippines’ greatest coordinated gambling club resort, notwithstanding a fight for control including current proprietors.

The 44-hectare (108-section of land) Okada Manila, possessed by auxiliaries of Japan’s Universal Entertainment Corp (6425.T), concurred in October to open up to the world in the United States through consolidation with 26 Capital.

Be that as it may, the arrangement has become buried in a long-running debate among Universal and its removed director and pioneer, Kazuo Okada.

Read more: Oil prices have dropped by more than 2% as the Federal raises interest 

That question took an emotional turn on May 31 when Okada’s Filipino accomplices assumed actual command over the $3.3 billion gambling club in the Philippine capital with the assistance of private safety officers and neighborhood police.

“I accept Universal will be back in charge of Okada Manila soon,” Jason Ader, administrator, and CEO of Nasdaq-recorded 26 Capital told. “The two players intend to close this exchange.”


The capture of the gambling club came after the Philippine Supreme Court decided in April that Okada ought to be restored as the executive of the club’s sole proprietor.

General’s homegrown unit, Tiger Resorts, has pursued that decision and what it said was an “unlawful and fierce” takeover.

A U.S. posting would give Okada Manila admittance to a wide cluster of assets, clients, and banks, Ader said, adding financial backers see the potential for the Philippines to become one of the world’s driving gaming markets.

In an explanation, Vincent Lim, a representative for Okada Manila’s ongoing administration, denied any rough takeover and said since Okada’s return business had improved, with high inn inhabitance and gambling club gaming exercises getting.

“His return has reestablished and recharged certainty among its clients and investors.”

The Philippines’ club area has begun to recuperate from the pandemic, with gross gaming incomes up 14% to 113 billion pesos ($2.12 billion) in 2021, however still beneath the record 256 billion of 2019, information from the gaming controller showed.


Conversely, the world’s greatest gaming center point Macau in adjoining China keeps on faltering from Beijing’s “zero-COVID” strategy.

In 2017, Okada was removed from the leading group of both Universal and its Philippine unit on doubt of abusing organization reserves, allegations which he has denied.

Read More News On

Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News

Download The BOL News App to get the Daily News Update & Follow us on Google News.

End of Article

Next Story