26 Capital files lawsuit against Universal Ent subsidiaries
26 Capital Acquisition Corp accuses Universal Entertainment Corp subsidiaries of breaching an obligation regarding a merger.
The Philippines.- Universal Entertainment Corp has reported in a company filing that 26 Capital Acquisition Corp has sued a number of its subsidiaries over the delayed merger between the companies.
26 Capital filed the lawsuit against UE Resorts International Inc, Tiger Resort, Leisure and Entertainment, Inc (TRLEI), and two other units owned by Universal Entertainment Corp in Delaware on February 2.
A merger agreement announced in October 2021 was intended to allow Universal to list on the Nasdaq and combine Universal with its Philippine subsidiary Tiger Resorts Asia, which regained control of Okada Manila in September 2022.
The deadline for the merger was changed to September 30, 2023, but 26 Capital is asking the court to declare Universal Entertainment’s subsidiaries to have breached the obligation to complete the merger promptly.
Okada Manila GGR up 81.5 per cent in 2022
For full-year 2022, TRLEI reported GGR of PHP34.34bn (US$630.21m) from Okada Manila. The figure was up 81.5 per cent when compared to the previous year. Most of this came from VIP gaming, which totalled PHP13.34 bn (US$244.96m), representing an annual growth rate of 39.66 per cent. Compared with 2019, the figure was down 32.8 per cent.
Total revenue for the year reached PHP37.19bn (US$682.68m), an increase of 88 per cent year-on-year and a decrease of 12 per cent compared to 2019. Adjusted EBITDA was PHP8.61bn (US$158.03 m), up 263 per cent when compared to the previous year up 25 per cent when compared to 2019.