Tiger Resort, Leisure and Entertainment, operating as Okada Manila, one of the premier destination casino resorts in Asia and the largest integrated resort in the Philippines, plans to merge with 26 Capital Acquisition, the companies announced today.
The transaction implies an enterprise value for Okada Manila of $2.6 billion and is anticipated to provide the company with up to $275 million in cash from the SPAC’s trust. If approved, Okada Manila will list on the Nasdaq through an American Depository Receipt program.
Universal Entertainment will roll 100% of its equity in the transaction and is expected to own approximately 88% of the combined company at closing, assuming no redemptions by 26 Capital shareholders. This is subject to dilution if further capital is raised as part of the transaction before closing.
Okada Manila is the only Japanese owned and operated casino in the world. It is the largest in terms of gross floor area and gaming floor area in the Philippines and amongst the largest in the world. Read more.
