Industry Veteran Jason Ader of 26 Capital Acquisition Corp. It has recently expressed confidence that Japan’s Universal Entertainment will soon take control of Okada Manila.
The parties had originally agreed for Ader Special Purpose Purchasing Company (SPAC) or “Check Blank Company” to acquire a $ 3.3 billion Philippine Casino residence on NASDAQ in the United States through the merger of the two entities.
Asset control was confused with the physical seizure of the boardroom and the physical expulsion of board members on May 31, 2022. The measures, which involved private security agents and about 50 local police officers under siege, were carried out. It came as a surprise to most people, but it could have been predicted by an April court ruling.
The Philippine Supreme Court ruled in April that the founder and former president, Kazuo Okada should be Returned as chairman From the parent company of Casino
The boss was fired in 2017
It has been Okada reject From the company in 2017 after Allegations of misuse of financial resources. It has Okada denied All such accusations
While a move from Okada might have been expected, it was there No license or administrative or judicial orders required Possession license
Particularly worrying According to the operating company The concern is that more than 99 percent of the voting rights were not controlled by even one Filipino company and, in their view, were not subject to a Supreme Court ruling. They also claim that the Supreme Court’s decision was an interim injunction and that the trial is still ongoing Due to the reconstruction From Mr. Okada.
The building’s unprecedented “hostile takeover” led to the announcement of the extension of the De-SPAC merger agreement.
If the merger / acquisition continues, Okada Manila can access an unlimited number of different types of funds and increase investment in the company.
Okada Manila It is located on more than 100 hectares of land and is one of only four casino resorts in the entertainment city of Manila. This casino has about 3000 slot machines and 500 gaming tables.
Slow but steady income recovery
While the Philippine casino sector continues to grow, with a gross gambling revenue increase of only about 14% in 2021, it will reach almost half of the production in 2019 before the epidemic.
while American Gambling The economy has recovered too much since the health emergency shutdown, the Asian Games have not been so strong. Macau, a special administrative region in China, has had sporadic returns, but travel restrictions have prevented it from returning to places close to previous years. Experts only expect gross game revenue to reach 27% of pre-epidemic levels by 2022.
Source: 26 Capital on the Nasdaq list is looking for a $ 2.5 billion SPAC deal with Casino Manila.Reuters, June 15, 2022