The Chairman and CEO of Philippines integrated resort Okada Manila’s new merger partner has outlined plans to expand the company’s casino interests into more jurisdictions, including Japan.
Jason Ader, who took special purpose acquisition company 26 Capital Acquisition Corp public on the NASDAQ earlier this year, told Bloomberg he has grand ambitions for the casino operator well beyond its current status as one of four operators in Manila’s growing Entertainment City precinct.
“The company will own assets beyond the Philippines over the next several years,” Ader said. “This company is not expecting to be just a single asset company in perpetuity.”
Asked specifically about Japan, which is set to issue its first IR licenses next year, Ader replied, “We like the market and think we’re well positioned should something come up.”
His comments come after it was announced late last week that Okada Manila operator Tiger Resort, Leisure & Entertainment Inc (TRLEI), has entered into a merger agreement with 26 Capital that will see it listed on the NASDAQ.
Under the terms of the merger, TRLEI and 26 Capital will both become wholly-owned subsidiaries of a newly formed entity called Okada Manila International Inc (OMI), which will be recognized as a NASDAQ-listed company.
TRLEI said it expects OMI’s Board of Directors to comprise seven members, five of which will be appointed by the group and two by the management of 26 Capital.
The merger and NASDAQ listing are expected to be complete by the end of June 2022.