26 Capital Acquisition Corp has shared financial results for the fiscal year 2021.<\/p>\n\n\n\n\n\n\n\n
The Philippines.- Okada Manila’s total revenue for the fiscal year 2021 was US$399.6m, up 24 per cent when compared to 2020.\u00a0The result exceeded its revenue and adjusted EBITDA guidance disclosed in October when Okada signed a US$2.6bn\u00a0merger agreement with 26 Capital Acquisition Corp<\/a>\u00a0to go public in the US.<\/p>\n\n\n\n Adjusted segment EBITDA<\/strong>\u00a0was 122 per cent higher than previous predictions, reaching US$46.6m, primarily due to a strong fourth-quarter performance in the gaming business and significant cost reductions implemented by management.<\/p>\n\n\n\n Non-gaming revenue increased by more than 30 per cent from 2020 to 2021, indicating a strong rebound<\/strong> in demand for the property’s many non-gaming offerings, including retail avenues, luxury spas, dining options and Manila Bay Beach Club.<\/p>\n\n\n\n According to 26 Capital,\u00a0the integrated resort welcomed over 761,000 visitors in Q4, compared to 304,250 in the third quarter, and revenue increased 74 per cent, from US$85m in the third quarter to US$148m.<\/p>\n\n\n\n The company said: “It’s anticipated that Okada Manila’s strong market position will be aided by the absence of additional competition in Entertainment City in the foreseeable future due to the scarcity of land available for development.”<\/p>\n\n\n\n Jason Ader, chairman and chief executive officer of 26 Capital Acquisition Corp\u00a0added: “This impressive performance validates what I saw in Okada Manila when searching for a target for 26 Capital.\u00a0I expect that this positive momentum will continue throughout 2022, and Okada Manila will maintain its position as the market share leader in Entertainment City.”<\/p>\n\n\n\n