US – Okada Manila and 26 Capital Acquisition Corp. to bid for New York casinoBy Phil - 9 December 2021
Okada Manila International, a subsidiary of Universal Entertainment, and an affiliate of the operator of Okada Manila, and 26 Capital Acquisition Corp. have confirmed they will submit plans in response to the New York State Gaming Commission’s requests for information for what is expected to be three new casino licenses in the southernmost part of the state.
These licenses are the last ones authorizsed as part of a 2013 ballot measure that allowed for seven new nontribal casinos, four of which have already been built upstate. Okada Manila International, Inc., the anticipated holding company of Okada Manila, recently announced its corporate name change to UE Resorts International, Inc. and the response to the information request will be submitted under this name.
“The transition to UE Resorts International, Inc. marks another milestone for our business,” said Byron Yip, President of UE Resorts International, Inc. “The corporation continues to show it’s taking advantage of its alluring destination in one of the fastest-growing gaming markets in the world to stimulate revenue while providing its guests with outstanding experiences.”
In October, Okada Manila International, Inc. announced it entered into a merger agreement with 26 Capital Acquisition Corporation, a Miami-based publicly traded special purpose acquisition company founded by renowned gaming expert Jason Ader, to become a publicly traded company. The deal may provide up to $275m of cash to the business, and the transaction is expected to close in the first half of 2022. The name change will accommodate this exciting new chapter for the business entity as it continues to expand in the Philippines and look outside its current market for additional opportunities.
“As the business continues to evolve, it was fitting to change the name,” said Jun Fujimoto, Chairman, President and CEO of Universal Entertainment Corporation, the parent company of UE Resorts International, Inc., which, through its wholly owned subsidiary Tiger Resort, Leisure and Entertainment, Inc., operates the Okada Manila resort. “Our partnership with Jason Ader and 26 Capital was only the beginning of our plans. We have decided to change the company name of Okada Manila International, Inc. to UE Resorts International, Inc. to focus our combined efforts for the future growth and development of Okada Manila and our ambitions to establish a presence in other countries around the world.”
At over 50 acres, Okada Manila includes approximately 35,000 square meters of gaming space with the capacity to operate 599 gaming tables and 4,263 electronic gaming machines. When the current construction is complete in 2022, the resort will have licensed capacity to operate 974 gaming tables and 6,890 electronic gaming machines. The property also includes two hotel towers with 993 luxury rooms, a retail boulevard with space for 50 shops, Cove Manila night club and indoor beach club, over 25 dining options, and one of the world’s largest multicolor dancing and musical fountains.