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Travel & Leisure

Philippines' casino resort Okada Manila to list in U.S. market

Japan's Universal Entertainment will roll its entire equity for $2.5bn SPAC deal

Kazuo Okada, founder of Japan’s Universal Entertainment, right,  is seen in this photo taken in Makati city, Philippines, Jan.30 2017.   © Reuters

Okada Manila, a Philippines-based casino resort, has agreed to go public in the United States through a merger with blank-check firm 26 Capital Acquisition Corp in a deal valued at $2.5 billion.

The merger, announced on Friday, is expected to give Okada Manila cash proceeds of up to $275 million that it plans to use for growth once COVID-19 curbs ease in what was one of Asia's fastest-growing gambling markets before the pandemic.

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