- Transaction values Okada Manila at an enterprise value of $2.6 billion and an equity value of $2.5 billion.
- Universal Entertainment, the parent company of Okada Manila, is rolling 100% of its equity in the company. 26 Capital Acquisition Corp. to provide up to $275M of cash to the business.
- Okada Manila, located in Entertainment City, where the casino gaming market grew 24% annually from 2013-2019, is the largest integrated resort in the Philippines in terms of gross floor area and gaming floor area, and amongst the largest casinos in the world. Okada Manila is the only Japanese owned and operated integrated resort in the world.
- Okada Manila is expected to have tremendous future growth by tapping into significant pent-up demand after the easing of travel and hospitality restrictions. This transaction allows the company to expand in the Philippines and look outside its current market to other growth markets.
- The 26 Capital Acquisition Corp. team is led by Jason Ader, who has an extensive track record in the gaming and hospitality industries, including with Las Vegas Sands Corp. - where he served as an independent director from 2009-2016 - IGT, The Stars Group and Playtech.
PR Newswire
MANILA, Philippines and MIAMI and TOKYO, Oct. 15, 2021
