The operating entity of Philippines integrated resort Okada Manila is said to be considering an Initial Public Offering (IPO), possibly sometime in 2025, according to a report by business-focused media outlet InsiderPH.
The report, which cites two unnamed sources, claims the IPO is expected to be worth between US$500 million and US$750 million and will be timed to take advantage of a gaming industry market enjoying record growth nationwide. It also says BDO Capital & Investment Corp and CLSA have been appointed to organize the IPO, which would if successful make it the second Manila integrated resort operator after Bloomberry Resorts Corp, owner of Solaire Resort Entertainment City and the newly opened Solaire Resort North, to list on the PSE.
City of Dreams Manila operator Melco Resorts and Newport World Resorts operator Travellers International Hotel Group Inc have both delisted from the PSE in recent years.
Okada Manila parent Universal Entertainment Corp had previously planned to list the property on the NASDAQ before a SPAC merger deal with Jason Ader’s 26 Capital Acquisition Corp fell through.
Claims of a potential listing come with Okada Manila operator Tiger Resort, Leisure and Entertainment Inc (TRLEI) having recently signed a preliminary agreement to acquire a majority interest and complete the development of stalled Cebu integrated resort Emerald Bay.
TRLEI reported gross gaming revenues of Php44.5 billion (US$798 million) in 2023, up 29.7% year-on-year.
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