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Latest SPAC News: Okada Manila delivers 4Q results, exceeds EBITDA projections by 122%, and UAE approves first SPAC framework for GCC region
Okada Manila Delivers Exceptional Fourth Quarter and 2021 Results, Exceeding EBITDA Projections by 122%
26 Capital Acquisition Corp. (NASDAQ: ADER) today announced the fourth quarter and full-year 2021 financial performance of Okada Manila, the property operated by Tiger Resort, Leisure and Entertainment, a wholly owned subsidiary of UE Resorts International, Inc. 26 Capital Acquisition Corp. previously announced its plans to merge with UE Resorts International, Inc. later this year.
Fiscal year 2021 total revenue of $399.6 million exceeded prior forecasts by $82 million and increased 24% over 2020. Adjusted EBITDA for FY2021 topped projections by 122%, coming in at $46.8 million, or $72 million more than 2020, primarily due to a very strong performance in gaming in Q4 and as a result of significant cost reductions implemented by management.READ
UAE Approves First SPAC Framework for GCC Region
The UAE has approved the first SPAC regulatory framework for the Gulf Cooperation Council (GCC) region, following record activity for this funding approach over the last two years.
The Securities and Commodities Authority, the UAE’s market watchdog, says the framework paves the way for the first SPAC listing on the Abu Dhabi Securities Exchange (ADX) later this year.READ