26 Capital Acquisition Stock Price, News & Analysis

26 Capital Acquisition Corp. (NASDAQ: ADER) is a publicly traded special purpose acquisition company (SPAC) based in Miami, Florida. Founded by Jason Ader, a renowned expert in gaming, gaming technology, lodging, entertainment, and internet commerce, the firm is dedicated to identifying promising acquisition targets with significant growth opportunities. 26 Capital aims to enhance these opportunities using its extensive experience and proven track record of creating and unlocking value.

The company garnered attention for its merger agreement with Okada Manila, a premier destination casino resort in Asia and the largest integrated resort in the Philippines, which is currently operated by Tiger Resort, Leisure and Entertainment Inc. The transaction, valued at approximately $2.6 billion, aims to make Okada Manila a publicly traded entity listed on NASDAQ.

Upon completion of the merger, 26 Capital is expected to provide Okada Manila with up to $275 million in available cash, facilitating growth opportunities and general corporate purposes. The integrated resort spans over 50 acres and boasts nearly 35,000 square meters of gaming space, including 599 gaming tables and 4,263 electronic gaming machines. The property also features luxury hotel rooms, a retail boulevard, multiple dining options, and one of the world's largest multicolor dancing and musical fountains.

Recent developments indicate strong financial performance from Okada Manila, surpassing revenue and Adjusted EBITDA projections for the fiscal year 2021. Despite the challenges posed by the COVID-19 pandemic, the resort achieved a market share of 36.5% in Entertainment City by December 2021.

However, the merger process has faced hurdles, including legal disputes and a purported notice of termination by Tiger Resorts Asia Ltd, which 26 Capital believes to be baseless. A pending trial in Delaware will address these issues. Despite these challenges, 26 Capital remains committed to closing the transaction and improving the merged company's corporate governance.

To learn more and stay updated, investors can visit the company's official website.