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.

Its parent company Japan’s Universal Entertainment Corp will roll its entire equity into the combined company, of which it will own about 88% upon the close of the deal.

The merger with 26 Capital Acquisition is expected to close in the first half of next year. The blank-check firm is led by Jason Ader, the co-founder and chief executive of New York-based buyout firm SpringOwl Asset Management.

Ader also acts as an independent sponsor, focused on the real estate, gaming and lodging sectors. He served as an independent director for Las Vegas Sands Corp between 2009 and 2016 and was instrumental in the turnaround of the casino company.

Blank-cheque firms like 26 Capital Acquisition, also known as special-purpose acquisition companies (SPACs), have no business operations and are raised with the purpose of merging with a private company at a later date.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.