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Okada Manila has a new owner. It is the largest integrated resort in the Philippines. Jason Ader, an activist investor, is now the owner of the company. Ader is planning to unlock the potential value of the businesses that are combined as well as create new opportunities for growth. The company will keep the current leadership team, which includes chief financial officer Hans Van Der Sande and president Byron Yip. The casino is expected to open in the next few weeks. In the next few months, other restaurants will open at the casino. The grand opening is scheduled for February 31st, 2017.
The existing leadership team, including the president Byron Yip as well as CFO Hans Van Der Sande, will remain with the new owners. The new ownership team will be joined by Universal Entertainment Corporation, which will keep all of its current casino holdings. The deal is expected to close in the first half of 2022. The transaction is expected to be completed in the first quarter of 2022. The two companies have partnered to build the first casino resort in Macau.
The Okada Manila Casino Resort is expected to be listed in the United States by merging with a special-purpose acquisition company headed by Jason Ader. The deal is valued at $2.6 billion, with debt. Universal will have an 88% stake in the new business. The remaining 20% of Okada will be acquired by Universal. It is located in Philippines. This will become the biggest gaming facility in the nation.
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