Revenue was shown to surpass the adjusted EBITDA guidance previously disclosed to capital stockholders in October, during which the plans to merge 26 Capital Acquisition and UE Resorts International had just been announced. The merger is intended to happen later this year.
Fiscal year 2021 total revenue of $399.6m exceeded forecasts by $82m, which equals an increase of 24% year-on-year.
EBITDA for FY2021 succeeded projections by 122%, coming in at $46.8m or equally $72m more than 2020. This achievement was reached as a result of significant cost reduction actions implemented by management teams.
In addition, non-gaming revenue increased by over 30%, showing a rebound in popularity for the venue’s many non-gaming offerings, such as Retail Boulevard, luxury spa, dining options and the Cove Manila beach club.
Over 761,000 visitors came to the resort during Q4, which compares to 304,250 in Q3. Revenue increased by 74% over the same time frame from $85m in Q3 to $148m in Q4.
"Most companies acquired by SPACs are missing their guidance by a significant amount, but Okada Manila crushed it with the highest market share in December 2021," said Jason Ader, Chairman and Chief Executive Officer of 26 Capital Acquisition Corporation.
"This impressive performance validates what I saw in Okada Manila when searching for a target for 26 Capital. I wanted a strong, progressive brand with a unique offering that would provide investors with a lucrative ROI, and it looks like my vision is on track to deliver.
"I expect this positive momentum will continue throughout 2022, and Okada Manila will maintain its position as the market share leader in Entertainment City."
