Okada Manila parent to bid for New York casino license
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The new parent company of Philippines integrated resort Okada Manila has revealed plans to take part in the New York State Gaming Commission’s requests for information (RFI), with a view to bidding for one of three New York casino licenses.
Okada Manila International Inc, a subsidiary of Japan gaming giant Universal Entertainment Corp, will become a NASDAQ-listed entity in 2022 under a merger agreement with a special purpose acquisition company (SPAC). Under the terms of the agreement, announced in October, Okada Manila operator Tiger Resort, Leisure & Entertainment Inc (TRLEI) and a SPAC entity called 26 Capital Acquisition Corp will become wholly-owned subsidiaries of Okada Manila International Inc which will in turn be 80% owned by Universal’s Tiger Resort Asia Ltd (TRA).
However, it seems the new listed entity has grander ambitions with the company announcing its plans to take part in the New York casino bid. Although lawmakers are yet to decide full details of the state’s casino expansion plans, the new licenses could include an expansion of the slots-only properties already run by the likes of Genting and MGM Resorts, or could be for entirely new developments. New developments could be located anywhere in New York City, Nassau-Suffolk in Long Island or Westchester-Rockland-Putnam counties north of NYC.
Submissions under New York’s RFI are due by 10 December.
Okada Manila International Inc is also planning to change its corporate name to UE Resorts International, Inc with its RFI response to be submitted under this name, the company said.
It previously announced that implementation of its SPAC merger and listing on the NASDAQ is expected to be completed by the end of June 2022.
