CEO of Philippine casino says it's still possible for the company to be listed on the Nasdaq this year.
The Nasdaq debut of the Okada Manila integrated casino-resort was agreed in October last year, but has faced several delays because of a feud between shareholders.
The $2.5 billion merger and U.S. listing of Okada Manila, the largest casino in the Philippines, is still scheduled to be completed by the end of the year, with talks progressing after a management dispute. The casino-resort is owned by subsidiaries of Japan's Universal Entertainment Corp, and in May Japanese pachinko tycoon Kazuo Okada and his Filipino associates took physical control of the casino-resort, backed by a Supreme Court order.
Representatives of Universal early this month secured a favourable ruling from the gaming regulator and took back control over the operations of the gambling resort.
This favourable ruling from the gaming regulator allows Universal's representatives to take back control over the operations of Okada Manila. This is a positive step forward for the company, which is hoping to list on the Nasdaq this year.
The casino's current management is conducting audits on the 44-hectare (108-acre) casino-resort's finances ahead of filing updated documents with regulators.
The audits are necessary for the company to list on the Nasdaq.
The current management of Okada Manila is conducting audits on the casino-resort's finances in order to file updated documents with regulators. This is a necessary step in the process of listing the company on the Nasdaq stock exchange.
The casino's management is hoping to complete the listing this year.
The management of Okada Manila is hoping to complete the listing of the company on the Nasdaq stock exchange this year. This would be a major achievement for the casino, which only started operations in late 2016.
Okada Manila started operations late in 2016 and is the biggest of four multibillion-dollar casino-resorts operating in the Philippine capital.
With 993 suites and villas, 500 table games and 3,000 electronic gaming machines, it is one of the largest casinos in Asia.
Okada Manila is the biggest casino resort in the Philippines, with 993 suites and villas, 500 table games, and 3,000 electronic gaming machines. It is one of the largest casinos in Asia.
The casino is hoping to capitalize on the growing gaming market in the Philippines.
The casino is hoping to capitalize on the growing gaming market in the Philippines. The country's gaming industry has been growing rapidly in recent years, with revenues increasing by 25% between 2015 and 2016.