Okada Manila IR Operator Changed Name Ahead of NASDAQ Listing
The global trend of rebranding did not pass by integrated casino resort operators after Okada Manila International, Inc., owner of the largest integrated resort in the Philippines. Okada Manila, announced today a corporate name change to “UE Resorts International, Inc.”
New Chapter, New Name
The new business entity UE Resorts International will continue on the trajectory set by its predecessor Okada Manila International to supply gaming and gaming technology, lodging and entertainment, while the name change will better reflect the company’s plans to expand operations in Asia and globally, including in the US.
“The transition to UE Resorts International, Inc. marks another milestone for our business. The corporation continues to show it’s taking advantage of its alluring destination in one of the fastest-growing gaming markets in the world to stimulate revenue while providing its guests with outstanding experiences.”
Byron Yip, President, UE Resorts International, Inc.
The announcement of the name change comes midway through a merger with the special purpose acquisition company (SPAC) 26 Capital Acquisition Corporation initiated in October. Okada Manila and the Miami-based SPAC founded by Jason Ader expect to close the transaction that may provide up to $275 million in cash in the first half of 2022.
Jun Fujimoto, chairman, president and CEO of Universal Entertainment Corporation, the parent of the rebranded entity that on its turn owns Tiger Resorts, Leisure and Entertainment, the operator of Okada Manila IR, said that the continuous evolving of the business would fit well with the name change, outlining the merger with the SPAC was just the beginning of the company’s ambitious plans.
“We have decided to change the company name of Okada Manila International, Inc. to UE Resorts International, Inc. to focus our combined efforts for the future growth and development of Okada Manila and our ambitions to establish a presence in other countries around the world.”
Jun Fujimoto, Chairman, President & CEO, Universal Entertainment Corporation
As the business is looking to continue to grow in the Philippines, as well as explore opportunities for international expansion, the name change will help accommodate the new chapter it is entering while, as part of the name change, UE Resorts will continue to honor its predecessor’s commitment, utilizing its Entertainment City waterfront property to attract potential guests from around the world to Okada Manila.
Philippine’s Major Attraction
Spread across 50 acres of land, Okada Manila features two hotel towers with 993 luxury rooms, a retail boulevard with 50 shops, Cove Manila night club, an indoor beach club, over 25 dining options, and a dancing fountain.
The IR casino now has a capacity to operate nearly 600 table games and more than 4,200 electronic gaming machines, utilized across approximately 35,000 square meters of gaming space and is set to expand to nearly 1,000 table games and 6,890 electronic gaming machines once current construction work completes in 2022.
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