The firm behind the giant Okada Manila integrated casino resort has reportedly disclosed that it wants to participate in any contest that could see up to three new gambling-friendly developments brought to the ‘downstate’ area of New York.
According to a report from Inside Asian Gaming, Tokyo-headquartered Universal Entertainment Corporation opened the 993-room integrated casino resort for the Philippines capital some five years ago and is planning to float its Okada Manila International Incorporated subsidiary on the Nasdaq bourse early in the new year. As part of this process and the source detailed that the Japanese conglomerate’s Tiger Resort Leisure and Entertainment Incorporated operating subordinate will merge with American special purpose acquisition company (SPAC) 26 Capital Acquisition Corporation to become an entity of this newly-listed concern, which is to be 80% owned by the fresh Tiger Resort Asia Limited enterprise.
Following the completion of this endeavor and Universal Entertainment Corporation reportedly explained that Okada Manila International Incorporated via Tiger Resort Asia Limited will look to take part in any process that could see new Las Vegas-style casino resorts brought to the southern region of New York. The parent purportedly disclosed that the entire listing process should be completed by the end of June and is to also result in the newly-public enterprise being rechristened as UE Resorts International Incorporated.
The voters of New York reportedly passed a state constitutional amendment in 2013 that resulted in the premiere of four ‘upstate’ commercial casino resorts encompassing the Resorts World Catskills, Rivers Casino and Resort Schenectady, Tioga Downs Casino Resort and Del Lago Resort and Casino. However, this measure purportedly moreover enacted a ten-year moratorium on the opening of any ‘downstate’ counterparts for ‘The Empire State’ despite long-running interest from a large club of operators that encompasses Wynn Resorts Limited, Bally’s Corporation and Las Vegas Sands Corporation.
As this standstill set to expire in just two years’ time, Inside Asian Gaming reported that the New York State Gaming Commission recently launched an official information-finding ‘request for expressions of interest’ exercise. The source noted that this effort could eventually result in the slots-only Resorts World New York City and similarly-limited Empire City Casino at Yonkers Raceway venues being transformed into full-blown casino resorts while seeing a large gambling-friendly development premiere in either Suffolk County, Nassau County, Westchester County, Rockland County or Putnam County.
Established in 2013 via a merger of the New York State Racing and Wagering Board with the New York Lottery, the New York State Gaming Commission is reportedly set to conclude its official fact-finding campaign tomorrow. The six-member body will then purportedly be tasked with making an official recommendation on the viability of any new ‘downstate’ casino resorts as well as ways of potentially selecting and licensing winning bidders.