{"id":235524,"date":"2022-10-04T13:45:52","date_gmt":"2022-10-04T18:45:52","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=235524"},"modified":"2022-10-04T14:33:14","modified_gmt":"2022-10-04T19:33:14","slug":"okada-manila-spac-extend-deal-deadline-by-a-year","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/okada-manila-spac-extend-deal-deadline-by-a-year\/","title":{"rendered":"SPAC 26 Capital Delays Okada Manila Merger by a Year"},"content":{"rendered":"

Amid an ongoing ownership rift between founder Kazuo Okada and Universal Entertainment, Okada Manila and Jason Ader\u2019s special purpose acquisition company (SPAC) 26 Capital Acquisition Corp. (NASDAQ: ADER) is delaying previously announced merger plans by a year.<\/p>\n

\"Okada
The Okada Manila integrated resort. It’s delaying its SPAC deal by a year. (Image: Reuters<\/em>)<\/figcaption><\/figure>\n

The news emerged just over two weeks after Ader said he believed<\/a> his blank-check firm and the Philippinian integrated resort operator could consummate the transaction before the end of this year, ultimately resulting in a Nasdaq listing for the gaming company.<\/p>\n

Per the terms of an amendment signed today (Sept. 30), UE Resorts International (UERI) and 26 Capital have both agreed to extend the date on which either party could terminate the transaction contemplated in the Agreement from October 1, 2022 until October 1, 2023,\u201d<\/strong> according to a statement.<\/p><\/blockquote>\n

It\u2019s been nearly a year since the SPAC and Okada Manila, the world\u2019s only Japanese-owned integrated resort, announced merger plans in a deal valuing the casino operator<\/a> at $2.6 billion. The transaction has been hamstrung by Kazuo Okada\u2019s often forceful efforts, which included a brief physical takeover of the hotel earlier this year, to reclaim his spot at the company.<\/p>\n

Okada, 80, and several counterparts today were charged by the Philippines Department of Justice<\/a> with \u201cgrave coercion.\u201d<\/p>\n

Extension Different Cancellation<\/h2>\n

For ADER investors, it\u2019s important to note that the SPAC isn\u2019t dropping its bid to partner with Okada Manila. In fact, the blank-check company reiterated its commitment to the transaction.<\/p>\n

\u201cThe extension of the termination date illustrates the commitment on the part of both parties to successfully close the merger transaction contemplated by the Agreement. The amendment will provide additional time to complete the transaction. Both parties remain dedicated to working to close the transaction as expeditiously as possible,\u201d according to the statement.<\/p>\n

\n

Those comments are relevant because the gaming\/SPAC landscape recently turned into a minefield. European lottery giant Allwyn Entertainment<\/a> and SPAC Cohn Robbins Holdings (NYSE: CRHC) halted merger plans as just one example of the blank-check thaw in the wagering industry.<\/p>\n<\/div>\n

Additionally, Tekkorp Digital Acquisition (NASDAQ: TEKK) could dissolve if a unit of Playtech it\u2019s working with can\u2019t procure a mobile sports betting license in Illinois.<\/p>\n

\u201cI remain extremely excited about this transaction and the opportunity for our investors to participate in one of the fastest growing Asian gaming markets,” said Jason Ader, chairman and CEO of 26 Capital, in the statement. “That fact that Universal Entertainment is willing to extend the agreement by a year demonstrates the dedication of both parties to complete the merger.”<\/p>\n

Okada Manila Outlook<\/h2>\n

Assuming Okada Manila ultimately lists on Nasdaq, it could be an interesting gaming equity play. To start, it will be the only publicly traded company in the industry that owns just a single venue.<\/p>\n

That figure could grow over time, as Ader previously noted the company could evaluate expansion opportunities in Japan and New York.<\/strong><\/p>\n

Okada Manila also offers investors potential benefits by way of being located in one of the fastest-growing gaming markets in the Asia-Pacific region, and in one that doesn\u2019t have to answer to Beijing, as does Macau.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid an ongoing ownership rift between founder Kazuo Okada and Universal Entertainment, Okada Manila and Jason Ader\u2019s special purpose acquisition company (SPAC) 26 Capital Acquisition Corp. (NASDAQ: ADER) is delaying previously announced merger plans by a year. The news emerged just over two weeks after Ader said he believed his blank-check firm and the Philippinian […]<\/p>\n","protected":false},"author":46,"featured_media":235526,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[81913,81903],"acf":[],"yoast_head":"\nOkada Manila, SPAC Extend Deal Deadline By A Year<\/title>\n<meta name=\"description\" content=\"Okada Manila and SPAC 26 Capital extend merger deadline by a year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/okada-manila-spac-extend-deal-deadline-by-a-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Okada Manila, SPAC Extend Deal Deadline By A Year\" \/>\n<meta property=\"og:description\" content=\"Okada Manila and SPAC 26 Capital extend merger deadline by a year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/okada-manila-spac-extend-deal-deadline-by-a-year\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-04T18:45:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-04T19:33:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/OM-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/okada-manila-spac-extend-deal-deadline-by-a-year\/\",\"url\":\"https:\/\/www.casino.org\/news\/okada-manila-spac-extend-deal-deadline-by-a-year\/\",\"name\":\"Okada Manila, SPAC Extend Deal Deadline By A Year\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/okada-manila-spac-extend-deal-deadline-by-a-year\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/okada-manila-spac-extend-deal-deadline-by-a-year\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/OM-scaled.jpg\",\"datePublished\":\"2022-10-04T18:45:52+00:00\",\"dateModified\":\"2022-10-04T19:33:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Okada Manila and SPAC 26 Capital extend merger deadline by a year.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/okada-manila-spac-extend-deal-deadline-by-a-year\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/okada-manila-spac-extend-deal-deadline-by-a-year\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/okada-manila-spac-extend-deal-deadline-by-a-year\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/OM-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/OM-scaled.jpg\",\"width\":2560,\"height\":1707,\"caption\":\"The Okada Manila integrated resort. 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