Wire ASIA & OCEANIA
Okada Manila Merger opens way to Nasdaq Tiger Resort, Leisure and Entertainment, has entered into a merger agreement
with 26 Capital Acquisition Corp., which will result in Okada Manila becoming a publicly traded company listed on the Nasdaq Exchange.
Tiger Resort, Leisure and Entertainment, operating as Okada Manila, one of the premier destination casino resorts in Asia and the largest integrated resort in the Philippines, along with Miami-based publicly traded special purpose acquisition company, 26 Capital Acquisition Corp., have entered into a merger agreement, which will result in Okada Manila becoming a publicly traded company listed on Nasdaq.
Te transaction implies an enterprise value for Okada Manila of $2.6bn and is anticipated to provide Okada Manila with up to $275m in cash. Upon closing of the transaction, the publicly traded company will have its common stock listed on the Nasdaq through an American Depository Receipt programme.
Te transaction includes significant strategic alignment as Jason Ader, head of 26 Capital Acquisition Corp., intends to leverage his renowned expertise in gaming, gaming technology, lodging, entertainment, and internet commerce for the benefit of Okada Manila. Having 26 Capital as a partner will allow Okada Manila to leverage 26 Capital’s expertise in those areas to help unlock value and drive
growth opportunities for the company. Okada Manila, the only Japanese owned and operated casino in the world, is the largest (in terms of gross floor area and gaming floor area) and most luxurious integrated resort in the Philippines and amongst the largest in the world.
Okada Manila resort sits on over 50 acres of prime waterfront real estate in Entertainment City, Manila. Te resort currently boasts nearly 35,000sq.m of gaming space and has the capacity to operate 599 gaming tables and 4,263 electronic gaming machines.
Upon full completion of construction in 2022, Okada Manila will have licensed capacity to operate 974 gaming tables and 6,890 electronic gaming machines. When fully completed, Okada Manila will feature two towers with 993 luxury hotel rooms, a retail boulevard with capacity for more than 50 shops, Cove Manila night club and indoor beach club, more than 25 dining options, and one of the world’s largest multicolor dancing and musical fountains. Te Okada Manila resort cost $3.3bn to construct and began to open throughout 2019 following the completion of its first hotel tower.
Australia ACMA moves to block five more online sites
Te ACMA has requested that Australian internet service providers (ISPs) block more illegal offshore gambling websites. Te ACMA has asked ISPs to block Spin Bit, Fight Club, Kim Vegas, Queenspins and Yoju Casino.
Following numerous complaints about these services, the ACMA investigated and found them to be operating in breach of the Interactive Gambling Act 2001. Te ACMA said: “We are reminding people that even if a gambling service looks legitimate, it is unlikely to have important customer protections. Tis means Australians who use illegal sites risk losing their money.
“Website blocking is one of a range of options to protect
Australians against illegal online gambling. Since the ACMA made its first blocking request in November 2019, 324 illegal gambling websites have been blocked. 147 illegal services have also pulled out of the Australian market since the ACMA started enforcing new illegal offshore gambling rules in 2017.
“Website blocking is also a valuable opportunity to alert people to illegal gambling services. When users attempt to access a blocked site, they are unable to do so and are directed to the ACMA website for information about illegal and legal services,” it added. Online gambling information on the ACMA’s website includes a register of licensed wagering services.”
Macau
Global Gaming Expo (G2E) Asia, the marketplace for the Asian gaming and entertainment industry, which was due to take place at the Venetian Macao from November 9 to 11 2021 has been postponed to August 30 to September 1 2022 due to the ongoing COVID pandemic. Traditionally held in May, it has now been three years since the event was held as an in-person event. Organisers Reed Exhibitions and the AGA, said: “In light of the ongoing COVID- 19 disruption and continued travel restrictions across Asia Pacific, G2E Asia has shifted its focus to 2022 to ensure we meet the show’s high expectations, which we share with our valued exhibitors and attendees. G2E Asia will return to Te Venetian Macao, from 30 August to 1 September 2022.”
AUSTRALIA – The Independent Liquor & Gaming Authority (ILGA) is to hold public hearings as early as next year as part of a review of The Star Casino. The review, which is considering how effectively The Star is complying with its statutory obligations and whether it remains suitable to hold a casino licence, is led by Adam Bell SC, who was appointed by the Independent Liquor & Gaming Authority (ILGA).
Mr Bell has advised ILGA that he considers it in the public’s interest to hold public hearings on matters including, but not limited to, The Star’s maintenance and administration of systems to counter money laundering and infiltration by organised crime.
CAMBODIA – Cambodia has set a minimum capital requirement for new and existing casinos. According to Sub-Decree No 166, signed by Prime Minister Hun Sen, the minimum capital for integrated commercial gambling centres is $800bn riel ($200m) and $400bn for other casinos. The requirement will be eased for existing casinos, with increments over five phases, counted from the promulgation of the Law on the Management of Integrated Resorts and Commercial Gambling (LMCG) on November 14, 2020.
The minimum capital requirements are 50 billion riel for Phase I (years 1-3), 100 billion for Phase II (years 4-6), 200 billion for Phase III (years 7-10), 300 billion for Phase IV (years 11-14) and the full 400 billion for Phase V (from year 15). Establishments must meet the amounts specified in the decree to earn the right to apply for a renewal of casino gambling operation licences.
JAPAN – Universal Entertainment Corp., has announced the Supreme Court in Japan has dismissed the final appeal of Kazuo Okada, former Chairman of the Board of the company. Mr. Okada had protested and appealed a judgement rendered by the Tokyo District Court in February 2020 that accepted all claims of the company as the plaintiff, which had filed a damage suit against Mr. Okada, and acknowledge that Mr. Okada breached both his duty of care as a good manager and his fiduciary duty of loyalty as a Director of the comapany.
The appeal was dismissed in a judgment issued on September 16, 2020 by the Tokyo High Court. The Supreme Court judgement fully recognises the claims fo the company have been finalised.
SINGAPORE – Singapore casinos are currently only accepting visitors who can confirm they are double- jabbed. Marina Bay Sands (MBS) and Resorts World Sentosa (RWS) in Singapore will have to ensure that anyone who is not fully vaccinated against COVID- 19 is not allowed anywhere in the premises with groups limited to just two people.
WIRE / PULSE / INSIGHT / REPORTS P23
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