{"id":23584,"date":"2021-10-15T13:34:12","date_gmt":"2021-10-15T16:34:12","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=23584"},"modified":"2026-04-23T14:45:17","modified_gmt":"2026-04-23T17:45:17","slug":"okada-manila-to-go-public-by-merging-with-spac","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/okada-manila-to-go-public-by-merging-with-spac","title":{"rendered":"Okada Manila to go public by merging with SPAC"},"content":{"rendered":"\n

Okada Manila has signed a US$2.6bn merger agreement with 26 Capital Acquisition Corp that will let the company go public in the United States.<\/p>\n\n\n\n\n\n\n\n

The Philippines.-\u00a0Okada Manila\u00a0<\/strong>has announced it has reached a deal with blank-check firm 26 Capital Acquisition Corp that will see\u00a0its stock listed on the Nasdaq\u00a0<\/strong>through an American Depository Receipt program. <\/p>\n\n\n\n

The US$2.6bn merger will provide the casino operator US$275m in cash proceeds\u00a0<\/strong>that will be used for growth and other corporate purposes.<\/p>\n\n\n\n

Jason Ader, Chairman and CEO of 26 Capital<\/strong>, stated: “With its beautiful new facility, a desirable location in one of the fastest-growing gaming markets in the world, and potential for industry-leading margins and cash flow conversion, I believe Okada Manila is an extremely compelling investment<\/strong>.”<\/p>\n\n\n\n

According to local media reports,\u00a0Universal Entertainment Corp<\/a>\u00a0will continue controlling approximately 88 per cent of the combined company once the deal is closed. Byron Yip, current Okada President, will continue leading the company<\/strong>.<\/p>\n\n\n\n

Yip said: “We are fortunate to operate the most luxurious integrated resort in the Philippines, and excited to realise the full potential of this state-of-the-art facility for gaming, entertainment, and hospitality as a public company and in partnership with Jason Ader of 26 Capital.\u201d<\/p>\n\n\n\n

It is expected\u00a0the merger will close in the first half of next year<\/strong>.<\/p>\n\n\n\n

Okada Manila GGR up 59.6% in Q3<\/h2>\n\n\n\n

Okada Manila has reported gross gaming revenue (GGR) of PHP4.17bn <\/strong>for the third quarter, up 59.6 per cent when compared <\/strong>to the previous quarter.<\/p>\n\n\n\n

The company reported that VIP table game GGR was up 47.2 per cent<\/strong> in the three months to September 30, while mass table game revenue was PHP848m and gaming machine revenue reached PHP1.10bn.<\/p>\n\n\n\n

Casinos in Manila<\/a> have been closed during the last months and is expected authorities will let them reopen in the following days as Manila\u2019s current Level 4 restrictions could be downgraded from October 15.<\/p>\n\n\n\n

Adjusted segment EBITDA<\/strong> was PHP443m <\/strong>compared to a negative figure of PHP204m in the second quarter of 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Okada Manila has signed a US$2.6bn merger agreement with 26 Capital Acquisition Corp that will let the company go public in the United States.<\/p>\n","protected":false},"author":176,"featured_media":17254,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Okada Manila has entered into a US$2.6bn SPAC merger agreement with 26 Capital Acquisition Corp, facilitating its public listing on Nasdaq via an American Depository Receipt program. This transaction is expected to provide US$275m in cash proceeds for growth, following a robust Q3 performance with GGR up 59.6% quarter-on-quarter, coinciding with anticipated easing of Manila's gaming restrictions.","focusai_entities":"Okada Manila, 26 Capital Acquisition Corp, Jason Ader, Universal Entertainment Corp, Byron Yip, Nasdaq","focusai_location":"United States, Philippines, Manila","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Post-Merger Capital Allocation?","query":"How specifically will the US$275m cash proceeds be allocated to drive growth, and what are the projected timelines for these initiatives post-merger close?"},{"label":"Regulatory Reopening Impact?","query":"What is the projected impact of the anticipated downgrading of Manila's Level 4 restrictions on Okada Manila's GGR and EBITDA forecasts for Q4 and FY2022?"}],"footnotes":""},"categories":[163,158,16333],"tags":[8986],"class_list":["post-23584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-slider-home","category-south-east-asia-news","tag-okada-manila"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=23584"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23584\/revisions"}],"predecessor-version":[{"id":23609,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23584\/revisions\/23609"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17254"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=23584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=23584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=23584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}