Philippines-based casino resort Okada Manila to list in US via $2.5b SPAC deal

Photo: Michał Parzuchowski / Unsplash.com

Okada Manila, a Philippines-based casino resort, has agreed to go public in the United States through a merger with blank-cheque firm 26 Capital Acquisition Corp in a deal valued at $2.5 billion.

The merger, announced on Friday, is expected to give Okada Manila cash proceeds of up to $275 million that it plans to use for growth once COVID-19 curbs ease in what was one of Asia’s fastest-growing gambling markets before the pandemic.

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