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Okada Manila Owner to Go Public in SPAC Combination

Dow Jones Newswires ·  Oct 15, 2021 07:25

By Matt Grossman

The company behind the Okada Manila casino resort in the Philippines will go public in a merger with 26 Capital Acquisition Corp., a special-purpose acquisition company.

The deal represents an enterprise valuation for Okada Manila and its parent company, Tiger Resort, Leisure & Entertainment Inc., of $2.6 billion and an equity value of $2.5 billion, the companies said. Okada Manila will receive up to $275 million in cash.

The resort, on a 50-acre property in Manila's Entertainment City area, has been opening in stages since 2019. When construction is complete, the resort will have 993 hotel rooms, 25 restaurants and about 375,000 square feet of gaming space.

The combined company will be led by Okada Manila President Byron Yip and Chief Financial Officer Hans Van Der Sande.

Write to Matt Grossman at matt.grossman@wsj.com

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