• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 4 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Okada Manila enters SPAC merger agreement for NASDAQ listing

Ben Blaschke by Ben Blaschke
Sun 17 Oct 2021 at 08:49
Time to shine

Okada Manila

45
SHARES
1.1k
VIEWS
Print Friendly, PDF & Email

Tiger Resort Asia Ltd (TRA) the parent company of Okada Manila operator Tiger Resort, Leisure & Entertainment Inc (TRLEI), has entered into a merger agreement with a special purpose acquisition company (SPAC) that will see it listed on the United States NASDAQ.

Details of the merger were made public on Friday, with TRA outlining a “reverse triangular merger” by which TRLEI and a SPAC entity called 26 Capital Acquisition Corp will both become wholly-owned subsidiaries of Okada Manila International Inc (OMI). OMI will be recognized as a NASDAQ-listed company, with TRA expecting to retain around 80% of the share capital.

The merger agreement valuates the total equity value of OMI at US$2.5 billion, with TRLEI stating it considers this to be reasonable given consideration of all factors, particularly revenue. OMI’s management structure has yet to be confirmed but TRLEI said it expects the Board of Directors to comprise seven members, five of which will be appointed by the group and two by the current management of 26 Capital.

The listing is seen as a way of enhancing the value of the company and diversifying its access to financing.

“Since March 2020, the company has operated its business under extremely limited conditions such as repeated lockdowns in Manila due to the spread of COVID-19,” TRLEI said.

“Under such a harsh environment, however, the company has deployed a number of measures for the purpose of bolstering its earnings, including reducing fixed expenses and reinforcing marketing … and [proceeding] with the construction of Coral Wing (Tower B) hotel, which is expected to be completed by the end of this fiscal year. The company will continue such measures and expansion of [the] facility even after the operations return to normal … aiming to increase business value.

“Considering this situation, the company has positioned the IR business as the core business of the company group and has decided [to list] OMI on the NASDAQ with the aim of further business expansion, increasing the company group value and diversifying financing methods and sources.”

Implementation of the merger and listing on the NASDAQ is expected to be completed by the end of June 2022.

RelatedPosts

Travellers Group set to take majority equity position in development of Manila’s LETX hotel and casino to pave completion roadmap, planned to become operator upon launch 

Suntrust begins process of transferring control of Manila’s LETX project to Travellers by acquiring shares in new entity

Thu 4 Sep 2025 at 12:02
Philippines international visitation back to 70% of pre-COVID levels

Foreign visitation to the Philippines down 2.8% from January to July on lower arrivals from South Korea and China

Thu 4 Sep 2025 at 05:19
Philippines licensed casinos suffer 2Q24 GGR decline but E-Games sector drives industry growth

Philippines online gaming sector generates US$1.2 billion in fees in first seven months of 2025 as PAGCOR vows crackdown on illegal sites

Thu 4 Sep 2025 at 04:49
NUSTAR joins Brigada Eskwela 2025 to Support local kindergarten students

NUSTAR joins Brigada Eskwela 2025 to Support local kindergarten students

Wed 3 Sep 2025 at 16:46
Load More
Tags: NASDAQOkada ManilaPhilippinesSPACSpecial Purpose Acquisition CompanyTiger Resort
Share18Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR

Related Posts

Galaxy Macau signs four-year strategic partnership to bring UFC events to Galaxy Arena

Galaxy Macau signs four-year strategic partnership to bring UFC events to Galaxy Arena

by Pierce Chan
Thu 4 Sep 2025 at 12:13

Galaxy Entertainment Group has announced a four-year strategic partnership with the Ultimate Fighting Championship (UFC) to bring three UFC Fight Nights to Galaxy Macau’s Galaxy Arena between 2026 and 2029. Under the partnership Galaxy Arena will host the opening round...

Travellers Group set to take majority equity position in development of Manila’s LETX hotel and casino to pave completion roadmap, planned to become operator upon launch 

Suntrust begins process of transferring control of Manila’s LETX project to Travellers by acquiring shares in new entity

by Ben Blaschke
Thu 4 Sep 2025 at 12:02

Philippine-listed Suntrust Resort Holdings, Inc said Thursday that it has subscribed to 400 million common shares in Westside Bayshore Holding Corporation (WBHC) – the soon-to-be new holding company for Manila’s LETX integrated resort development – as the process to transfer...

Casinos remain closed as Goa extends lockdown measures for one week

Delta Corp puts Goa integrated resort project on hold pending resolution of crippling tax claims

by Newsdesk
Thu 4 Sep 2025 at 06:06

India’s Delta Corp has suspended construction of a US$285 million integrated resort project in Goa until it receives more clarity on moves to increase the GST charged on bets placed to 40% and retrospectively claim back taxes. The project, first...

Philippines international visitation back to 70% of pre-COVID levels

Foreign visitation to the Philippines down 2.8% from January to July on lower arrivals from South Korea and China

by Newsdesk
Thu 4 Sep 2025 at 05:19

The number of foreign visitor arrivals to the Philippines is down almost 3% for the first seven months of 2025 combined, impacted by the continued decline in visitation from key source markets South Korea and China. According to latest information...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語