Float intention for Okada Manila operator
The Tiger Resort Leisure and Entertainment Incorporated subsidiary of Japanese pachinko, slot and arcade games manufacturer Universal Entertainment Corporation is reportedly still interested in obtaining a listing on the Manila bourse next year.
According to a report from GGRAsia, the operator behind the Manila’s 993-room Okada Manila development is run by Asiabest Group International Incorporated and remains keen on floating with the Philippine Stock Exchange by the end of June. The source detailed that this endeavor remains on track for an upcoming summer completion but could still be hindered by the ongoing impacts of the coronavirus pandemic.
Tokyo-headquartered Universal Entertainment Corporation reportedly purchased a 66.6% stake in Asiabest Group International Limited in February of 2019 so as to help its Tiger Resort Leisure and Entertainment Incorporated entity obtain a Manila listing. However, the subordinate purportedly used an official filing to declare that this process had been continually delayed due to the appearance of coronavirus, which had ‘affected most, if not all industries, and more so the resort, leisure and entertainment industries.’
To further complicate matters and GGRAsia reported that the move to take Tiger Resort Leisure and Entertainment Incorporated public could moreover be obstructed by Universal Entertainment Corporation’s recent revelation that it intends to obtain a listing on the Nasdaq bourse for its own Okada Manila International Incorporated subordinate. As part of this process and the Japanese giant purportedly explained that its Tiger Resort Leisure and Entertainment Incorporated enterprise is to be merged with American special purpose acquisition company (SPAC) 26 Capital Acquisition Corporation to become an arm of this newly-listed concern, which is to be 80% owned by the fresh Tiger Resort Asia Limited enterprise.
Nevertheless, Asiabest Group International Incorporated, which already holds a Manila listing, reportedly proclaimed that the intended move from its parent ‘does not affect’ its own plans ‘to commercially operate’ in the best interests of its investors. The company purportedly furthermore declared that the ‘fold-in’ scheme from Universal Entertainment Corporation ‘still remains’ but that it still intends ‘to commence commercial operations in the ensuing year’ while conducting ‘the required public offering’ in the Philippines.
It has been widely rumored that the move from Universal Entertainment Corporation to obtain a Nasdaq listing for Okada Manila International Incorporated is part of a plan that could eventually lead to the subordinate being granted a license to run one of three new gambling-friendly developments being proposed for the ‘downstate’ area of New York. Such an eventuality would reportedly place a trio of Las Vegas-style facilities within easy reach of approximately 23 million people and lead to billions of dollars in annual aggregated revenues.