Ader’s 26 Capital to apply for NY casino licenses
Three non-tribal operations in the Empire State up for grabs.
Okada Manila International, Inc., and 26 Capital Acquisition Corp. on Wednesday said they plan to participate in the New York State Gaming Commission’s request for information regarding casino licenses.
Okada Manila International is a subsidiary of Universal Entertainment Corporation and an affiliate of the operator of Okada Manila.
Universal Entertainment develops integrated resorts in Asia through its ownership of the Okada Manila hotel and casino. Universal also is a manufacturer of gaming machines in Japan, where it designs, produces and distributes Pachinko and Pachislot machines.
26 Capital Acquisition Corp. is a Nasdaq-listed blank check company formed for the stated purpose of creating stockholder value by identifying an acquisition target with significant growth opportunities, with particular focus in gaming, gaming technology, lodging and entertainment.
26 Capital is led by Jason Ader of SpringOwl Asset Management. Ader has more than 26 years’ experience as an institutional investor, asset manager, and research analyst, with particular expertise in the gaming and hospitality industries. He is a former member of the Las Vegas Sands board of directors
SpringOwl Asset Management said it has raised more than $1bn in capital since it was founded in 2013.
On Wednesday, the parties said they will submit plans to the NYSGC regarding what is expected to be three new casino licenses in the southernmost part of the state.
According to the companies, these licenses are the final three authorized as part of a 2013 ballot measure that allowed for seven new nontribal casinos, four of which have already been built upstate.
Okada Manila International, Inc., the anticipated holding company of Okada Manila, recently announced its corporate name change to “UE Resorts International, Inc.” and the company noted the response to the information request from the NYSGC will be submitted under this name.
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