In this week’s Asia round-ups, Gambling Insider brings you an exclusive series of insights from SpringOwl Asset Management CEO and Co-Founder, Jason Ader. Ader is working to take Okada Manila public via his 26 Capital Special Purpose Acquisition Corporation.
Ader: Okada has no right to call himself Okada Manila boss
What can you tell us about your involvement in taking Okada Manila public?
We [26 Capital] have made a deal to merge with Okada Manila through its parent company Universal Entertainment. Universal is the largest shareholder of Okada Manila; it’s not selling; it’s rolling over all its equity into the deal. We’re really trying to create what I think will be a very undervalued opportunity to invest in the post-pandemic recovery of Asian travel and tourism.
Based on what I’ve seen in Las Vegas, Orlando and other gaming jurisdictions around the world, when the markets open in Asia there is going to be an extraordinary amount of travel tourism and gaming demand. At the Okada Manila property, we’ve virtually seen numbers recover to pre-pandemic levels. This is before China, Macau specifically, has re-opened again following the pandemic.
Where does Universal Entertainment come in regarding Kazuo Okada’s hostile takeover of Okada Manila?
The disruption caused by Kazuo Okada is, by every measure, illegal. What people don’t understand is Universal owns 99.9% of Okada Manila. Kazuo Okada was basically given one share of a company that owns over five billion shares. If you have one share vs five billion shares, you draw on an exceedingly small stake from which to call yourself the owner.
What’s more misunderstood is the controlling shareholder of Universal Entertainment is the son of Kazuo Okada. Okada’s son is totally against what is happening. He is 100% supportive of Universal.
Lei Wai Nong: Departure of satellite casinos down to Covid-19, not revised gaming laws
Lei Wai Nong, Macau’s Secretary for Economy and Finance, has claimed forecast departures of Macau’s satellite casinos have “no relation” to the region’s revised gaming law, but are instead a result of the “economic impact caused by the Covid-19 pandemic.”
Speaking to Macau’s local press, Nong noted that some satellite casinos had applied to “adjust their operations” in response to a proposed legislative crackdown on their ability to operate. Nong claims, however, that the number of departing satellite casinos is not large.
“What’s more misunderstood is the controlling shareholder of Universal Entertainment is the son of Kazuo Okada. Okada’s son is totally against what is happening. He is 100% supportive of Universal”Jason Ader, CEO, SpringOwl Asset Management
In fact, despite reports of satellite casinos effectively becoming hamstrung under new Macau laws, Nong claims the Government would not stand in the way of satellite operations.
Nong said the suggestion that satellites should be based solely within premises owned by a concessionaire was merely a business decision, not a legislative one.
Departing satellite casinos are expected to cease gaming operations after 26 June 2022. It remains to be seen how many will, following this latest revelation.
Konami game installed by APE in City of Dreams & Mocha Clubs
Asia Pioneer Entertainment (APE) has installed Konami’s All Aboard – Dynamic Dish on slot machines and Concerto Stack cabinets at both City of Dreams and Mocha Clubs gaming floors.
Konami’s game contains four mixed amount bonuses and one link progressive jackpot.
The game’s All Aboard feature can be triggered whenever six or more train symbols appear on a slot or cabinet.
Konami’s game also offers a repeat win system, while offering players a chance to win up to four bonuses and a grand jackpot.
Konami International Sales Manager, Hideo Goto, said: “We are so excited to work with our partner APE again for this installation. Since it has been installed, we keep receiving positive feedback from the casino operators. I look forward to more good news in the future.”
And APE Assistant General Manager of Corporate Sales and Marketing, Vicky Chan, added: “All Aboard – Dynamic Dash is a simple but attractive game produced by Konami.
“It has always been a big hit and has a consistent proven performance in other countries since its first debut. We believe this game will be favored by players and become successful in Macau.”