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HomeNewsPhilippinesOkada Manila seeking IPO on Philippine Stock Exchange by 2025: Report

Okada Manila seeking IPO on Philippine Stock Exchange by 2025: Report

According to a report, the company behind Okada Manila, Universal Entertainment Corp, is planning to list the entity on the Philippine Stock Exchange (PSE) via an Initial Public Offering (IPO) worth between $500 million and $750 million by 2025.

InsiderPH reports that two sources confirmed the listing intention, that two investment firms had been hired to arrange the IPO, and that the date had originally been set for the second half of 2024. The reason for the delay was the market conditions and talks about refinancing some $760 million in obligations coming due in December.

Universal Entertainment Corp had previously sought to list the company on the Nasdaq stock exchange, via a Special Purpose Acquisition Company (SPAC) – namely 26 Capital, however the deal was eventually canceled by Universal Entertainment.

If finalized, the deal would mean that three casinos in Entertainment City would be listed on the Philippine Stock Exchange: Solaire – owned by Bloomberry Resorts Corp, and City of Dreams Manila – operated by Belle Corp.

According to the company’s most recent report, Okada Manila saw its gaming revenue fall by nearly a quarter in the first three months of 2024 ($153.84 million), with VIP falling by some 42 percent ($45.26 million).

Total revenue for 1Q24 was down nearly 23 percent, to $171 million, with adjusted segment EBITDA dropping by nearly 30 percent, to $40.88 million. 

Kelsey Wilhelm
Kelsey Wilhelmhttps://agbrief.com
Kelsey Wilhelm is a broadcast, print journalist and editor based in Asia for over 15 years. Focused on content creation, management, cross-cultural exchange and interviews for multi-lingual productions. Writing focus on gaming, business, politics, culture and heritage, events and celebrities, subcultures, music, film, art and fashion. Some of Kelsey's specialties are: editing, writing, copy creation, multi-lingual content production, cross-cultural exchange, content creation and management for Asian markets.

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