The Chief Executive Officer and Chairman of 26 Capital Acquisition Corp., Jason Ader, has revealed plans to pursue casino expansion opportunities in various destinations around the world, including Japan.
The announcement came only days after the company finalized the purchase of Okada Manila, a large Philippine-based casino resort.
In an interview that took place at the beginning of the week, Mr. Ader explained that, if everything goes according to plans, in the next few years 26 Capital Acquisition Corp. is set to own international assets. He further explained that his company was not expecting to remain just a single-asset company forever.
Earlier this year, 26 Capital Acquisition became public under the lead of Mr. Ader. Less than a week ago, the company agreed to merge with the luxury Philippine casino resort Okada Manila, owned by the Japanese gambling operator Universal Entertainment Corp. As a result of the deal, Universal will get a majority 88% stake in the combined business. At the time of the transaction announcement, the Manila-based casino resort was valued at $2.6 billion.
For the time being, no specific cities were named by Jason Ader as potential expansion targets in Japan. In its merger-related presentation, Okada Manila has identified itself as the only Japanese-owned and operated casino on a global scale, which is currently well-positioned and ready for further expansion.
Japanese Government to Award Three Integrated Casino Resort Permits
Under the provisions of the recently-announced merger deal, both Tiger Resort, Leisure & Entertainment Inc., which operates Okada Manila, and 26 Capital Acquisition are set to become wholly-owned subsidiaries of the newly-formed company. Following the completion of the merger, the new business will be called Okada Manila International Inc. It is set to be recognized as a company listed at the Nasdaq Stock Market (NASDAQ).
As previously revealed, the new entity’s Board of Directors is expected to include seven members. Five of them will be chosen by Tiger Resort, Leisure & Entertainment, and the other two will be appointed by the management of 26 Capital Acquisition.
The Japanese Government has recently decided to open its gambling market for new forms of gambling in an effort to make the country a more desired tourist destination. As revealed by local authorities, Japan is set to initially issue only three integrated casino resort licenses.
When asked about Japan, which is set to award its first integrated casino resorts operating permits in 2022, Mr. Ader has explained that his company liked the market and believed they were a good fit for the local gambling sector.
As recently reported by CasinoGamesPro, the new Prime Minister of Japan – Fumio Kishida – has pledged to continue the integrated casino resort policy of his predecessors and seek the successful establishment of so-called IRs in the country. Mr. Kishida has explained that Japan would remain committed to becoming a leading international tourism force in the years to come, so the Government would stick to its policy regarding the casino resorts’ application and licensing procedures.