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@@ -1,1 +1,1 @@ - +<br>By Neil Jerome Morales<br> <br>MANILA, June 15 (Reuters) - Nasdaq-listed 26 Capital Acquisition Corp's CEO said on Wednesday the blank check firm was committed to its $2. When you loved this post and you would want to receive details regarding [https://www.picnicgardenflushing.com/ https://Www.picnicgardenflushing.com/] assure visit our own web-page. 5 billion purchase of the Philippines' biggest integrated casino-resort, despite a wrangle for control at the casino's current owners.<br> <br>The 44-hectare (108-acre) Okada Manila, owned by subsidiaries of Japan's Universal Entertainment Corp, agreed in October to go public in the United States through a merger with 26 Capital.<br> <br>But the deal has become mired in a long-running dispute between Universal and its deposed chairman and founder, Kazuo Okada.<br> <br>That dispute took a dramatic turn on May 31 when Okada's Filipino partners took physical control of the $3.3 billion casino in the Philippine capital with the help of private security guards and local police.<br> <br>"I believe Universal will be back in control of Okada Manila soon," Jason Ader, chairman and CEO of 26 Capital, told Reuters.<br><br>"Both parties plan to close this transaction."<br> <br>The seizure of the casino came after the Philippine Supreme Court ruled in April that Okada should be reinstated as chairman of the casino's owner and operator.<br> <br>[https://Pinterest.com/search/pins/?q=Universal%27s%20domestic Universal's domestic] unit, Tiger Resorts, has appealed that ruling and complained of what it said was an "illegal and violent" takeover.<br> <br>Universal and its subsidiaries, and the camp of Okada and his Filipino partners did not immediately respond to requests for comment outside of office hours.<br> <br>Listing in the United States will give Okada Manila access to a wide array of funds, customers and lenders, Ader said, adding investors see the potential for the Philippines to be one of the world's best gaming markets.<br> <br>The Philippines, which has one of Asia's most freewheeling gaming industries, has started to recover from the pandemic.<br><br>Its gross gaming revenues rose 14% to 113 billion pesos ($2.12 billion) in 2021, though still below the record 256 billion in 2019, data from the gaming regulator show.<br> <br>In contrast, top gaming hub Macau, of which 90% of visitors typically come from mainland China, continues to reel from Beijing's "zero-COVID" policy.<br> <br>In 2017, Okada was ousted from the board of both Universal and its Philippine unit on suspicions of misappropriating millions of company funds, which he has denied.<br> <br>($1 = 53.3140 Philippine pesos) (Reporting by Neil Jerome Morales [https://www.martindale.com/Results.aspx?ft=2&frm=freesearch&lfd=Y&afs=Editing Editing] by Mark Potter)<br><br><br>adverts.addToArray({"pos":"inread_player"})Advertisement