Manila Casino Goes Public in $2.6 Billion Deal With Ader SPAC

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 $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.

When present construction is ...