This rebrand is intended to better reflect its plans for international growth after the casino company announced its decision to go public via a $2.6bn deal with Jason Ader’s 26 Capital Acquisitions Corp.
Through this merger agreement, Okada Manila — now UE Resorts — may receive up to $275m in cash which the company will use to drive growth in Asia and other markets, including the US. The transaction is expected to close in the first half of 2022, when UE Resorts’ stock will be listed on the Nasdaq.
Consequently, the company’s name change is meant to represent its more international scope.
Jun Fujimoto, President and CEO of Universal Entertainment Corporation, the parent company of UE Resorts, commented: “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.”
Byron Yip, UE Resorts’ President, expressed a similar sentiment, saying: “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.”
However, UE Resorts reiterated its commitment to the casino company’s flagship resort, Okada Manila. In a statement, the company said: “As part of the name change, UE Resorts International, Inc will honour its commitment to utilise its prime waterfront real estate in Entertainment City, Manila to drive consumers and potential guests from across the globe to its luxurious Okada Manila integrated resort in the Philippines.”
