{"id":777021362,"date":"2024-12-09T08:47:20","date_gmt":"2024-12-09T11:47:20","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777021362"},"modified":"2026-04-22T03:28:01","modified_gmt":"2026-04-22T06:28:01","slug":"universal-entertainment-halts-plan-to-list-trelei-on-the-pse","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/universal-entertainment-halts-plan-to-list-trelei-on-the-pse","title":{"rendered":"Universal Entertainment halts plan to list TRELEI on the PSE"},"content":{"rendered":"\n

The company has opted to sell shares in ABG to Premiumlands Corp.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- Universal Entertainment<\/strong>, the parent of Okada Manila\u00a0casino resort, has said that its subsidiary Tiger Resort, Leisure and Entertainment (TRLEI)<\/strong> will not seek listing on the Philippine Stock Exchange (PSE). In a filing dated December 6, it said that Tiger Resort Asia Limited (TRA) had acquired shares of Asiabest Group International Inc (ABG) with plans for a listing but that given the improved financial performance of Okada Manila “the necessity of ABG for TRLEI to be listed no longer exists.” <\/p>\n\n\n\n

The company has opted to sell its shares in ABG to Premiumlands Corp, a real estate developer based in Metro Manila. The value of the transaction is PHP510.4m (US$8.8m) for 66.6 per cent of the shares in ABG. The company said the sale will have no impact on its consolidated financial results for the fiscal year ending December 31, 2024 as the execution date is scheduled for next year.<\/p>\n\n\n\n

A merger agreement\u00a0with 26 Capital Acquisition Corp\u00a0announced in October 2021<\/a>\u00a0was intended to allow Universal to list on the Nasdaq and combine Universal with its Philippine subsidiary Tiger Resorts Asia.\u00a0However, Universal Entertainment called off the agreement, accusing 26 Capital of disregarding SEC laws and misleading investors.<\/p>\n\n\n\n

Universal Ent expects full-year loss<\/h2>\n\n\n\n

Universal Entertainment Corp expects a net loss of JPY18.30bn (US$116.9m) for the year. The Japanese firm has said that it will not pay a year-end dividend. <\/p>\n\n\n\n

Universal Entertainment estimates net sales to reach JPY126.00bn, down from a previous forecast of JPY200.00bn due to a decline in VIP customers in the Philippines. For the second quarter of the year<\/a>,\u00a0net sales were JPY62.9bn (US$429m), a\u00a0decline of\u00a020.7\u00a0per cent when\u00a0compared to last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company has opted to sell shares in ABG to Premiumlands Corp.<\/p>\n","protected":false},"author":176,"featured_media":777006346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Universal Entertainment's subsidiary TRLEI has withdrawn plans to list Okada Manila via Asiabest Group International Inc. on the Philippine Stock Exchange, citing improved financial performance. Concurrently, Universal Entertainment has sold its ABG shares to Premiumlands Corp. for PHP510.4m and anticipates a full-year net loss of JPY18.30bn, partly due to a decline in VIP customers in the Philippines.","focusai_entities":"Universal Entertainment, Okada Manila, Tiger Resort, Leisure and Entertainment (TRLEI), Philippine Stock Exchange (PSE), Tiger Resort Asia Limited (TRA), Asiabest Group International Inc (ABG), Premiumlands Corp, 26 Capital Acquisition Corp, SEC","focusai_location":"Philippines, Metro Manila, Japan","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.8), operator_casino (0.9), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Okada Manila Valuation Impact","query":"How will the withdrawal of the PSE listing and the subsequent sale of ABG shares impact the perceived valuation and future capital-raising strategies for Okada Manila, particularly given the prior Nasdaq listing attempt?"},{"label":"VIP Customer Strategy","query":"What specific operational or marketing adjustments is Universal Entertainment implementing to address the reported decline in VIP customers in the Philippines and mitigate its impact on future revenue forecasts?"}],"footnotes":""},"categories":[157,16333],"tags":[24149,23686],"class_list":["post-777021362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-tiger-resorts-and-leisure-and-entertainment","tag-universal-entertainment"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777021362","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=777021362"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777021362\/revisions"}],"predecessor-version":[{"id":777021370,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777021362\/revisions\/777021370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777006346"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777021362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777021362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777021362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}