EUR/USD 1.15599
0.318%
Gold 4333.98
2.205%
Oil 77.305
-0.085%
USD/JPY 157.591
-0.536%
GBP/USD 1.34925
0.291%
GBP/JPY 212.634
-0.252%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: The Pentagon has allocated a budget and set a timetable for the classified "Golden Dome" space program.On August 8th, U.S. Treasury Secretary Bessant posted on social media: "Todays jobs report underestimates the underlying strength of the real economy: businesses are being built, factories are producing, and worker productivity is increasing. July marked the fifth consecutive month of job growth in goods-producing sectors. So far this year, goods-producing sectors have created 105,000 jobs, marking the strongest seven-month start since 2023. Furthermore, second-quarter productivity growth more than doubled expectations, creating favorable conditions for sustained U.S. economic growth and real wage increases for U.S. workers. Strong third-quarter economic growth expectations further indicate that the U.S. economy is poised for accelerated growth. As the U.S. produces more and worker productivity continues to rise, the U.S. economy will benefit: higher wages, stronger businesses, more consumer choice, and economic expansion built on supply-side strength that can reduce inflation, rather than relying on short-term stimulus effects."U.S. Treasury Secretary Bessenter: The economy is expected to accelerate.U.S. Treasury Secretary Bessenter: Today’s jobs report underestimates the potential strength of the U.S. economy.According to Reuters, the White House sent a letter to Federal Reserve Governor Cook dated August 5, requesting her to provide a written response to related statements within 21 days.

Nasdaq-listed 26 Capital Will Seek A $2.5 Billion SPAC Transaction With A Casino in Manila

Haiden Holmes

Jun 16, 2022 10:50

4.png


Wednesday, the CEO of 26 Capital Acquisition Corp said that the company remained dedicated to its $2.5 billion acquisition of the Philippines' largest integrated casino-resort, despite a control dispute involving the present owners.


Okada Manila, a 44-hectare (108-acre) property owned by companies of Japan's Universal Entertainment Corp, decided in October to combine with 26 Capital and go public in the United States.


However, the transaction has been involved in a protracted battle between Universal and its former chairman and founder, Kazuo Okada.


This conflict took a dramatic turn on May 31, when Okada's Filipino partners, aided by private security guards and local police, gained physical possession of the $3.3 billion casino in the Philippine capital.


"I anticipate Universal will regain control of Okada Manila in the near future," Jason Ader, chairman and chief executive officer of Nasdaq-listed 26 Capital, told Reuters. Both sides want to finalize the deal.


After the Philippine Supreme Court declared in April that Okada should be reinstalled as chairman of the casino's owner and operator, the casino was seized.


Tiger Resorts, the domestic subsidiary of Universal, has challenged the verdict and what it called a "illegal and brutal" acquisition.


A U.S. listing would provide Okada Manila with access to a variety of finances, clients, and lenders, according to Ader, who added that investors believe the Philippines has the potential to become one of the world's top gaming markets.


In a statement, Vincent Lim, a spokesman for Okada Manila's current administration, denied any violent takeover and said that since Okada's return, hotel occupancy rates and casino gaming activity had increased. "His reappearance has restored and revitalized consumer and shareholder trust."


The Philippines' casino industry has begun to recover from the epidemic, with total gaming revenues increasing 14 percent to 113 billion pesos ($2.12 billion) in 2021, albeit still below the record-breaking 256 billion pesos in 2019.


In contrast, Macau, the largest gambling hotspot in the world, continues to suffer under Beijing's "zero-COVID" policy.


Okada was removed from the boards of Universal and its Philippine subsidiary in 2017 on suspicion of misappropriating corporate cash, which he denies.


Suggestion