Manila casino goes public in US$2.6bil deal with Ader SPAC

MANILA (Bloomberg): Okada Manila, one of the biggest casino resorts in the Philippines, is going public through a merger with a special purpose acquisition company led by former casino analyst Jason Ader. The deal values the property at US$2.6 billion including debt.

The resort’s current owner, Japan’s Universal Entertainment Corp, will merge the property with Ader’s 26 Capital Acquisition Corp and hold an 88% stake in the new business. 26 Capital went public as a shell company earlier this year. It will bring $275 million in cash to the deal, the companies said in a statement.