Your Daily Asia Gaming eBrief: Okada Manila operator facing lawsuit from SPAC

Wednesday 8th of February 2023

Good morning. It's only midweek and already gaming companies are facing down numerous lawsuits, with the operator of Okada Manila being sued for alleged breaches of obligations in a proposed merger with SPAC 26 Capital. And Australia's The Star is facing its second lawsuit this week over its alleged anti-money laundering conduct. Meanwhile, Macau's economy is predicted to grow by up to 44 percent this year, with high-end expectations visitation could top 21.38 million.

What you need to know

Okada Manila operator Universal Entertainment is facing a lawsuit over delays to a proposed merger and NASDAQ-listing.
The Star issued with second class action lawsuit this week over alleged Anti-Money Laundering misconduct.
Macau's economy is predicted to grow by up to 44 percent in 2023, with scholars saying tourism levels could top 21.38 million.

On the radar

Macau gaming watchdog employee arrested for operating prostitution site.
Macau mass market to return to pre-pandemic levels: Ponte 16 operator.
AGA: 50 million Americans to bet record $16 billion on Super Bowl.
South Shore to delist from Hong Kong Stock Exchange on Thursday.

AGB Intelligence

LITIGATION

Lawsuit filed by SPAC against Okada Manila operator

Subsidiaries of Okada Manila operator Universal Entertainment are facing a lawsuit from US-based 26 Capital over a planned merger in order to bring the gaming operator onto the NASDAQ stock market. The special purpose acquisition company (SPAC) is alleging that Universal's subsidiaries breached their obligations by not completing the merger on time, despite the proposed merger date being pushed back until September 2023.