Universal to fund Okada Manila by taking on $600M in debt

Building a new casino is never an easy, or inexpensive feat. Developers seek out millions – sometimes billions – of dollars to make their dreams come true. In some cases, they can also go deeper in debt to see the projects realized. That is the path Universal Entertainment has chosen for its Okada Manila casino resort, for which it will conduct a private placement of $600 million to help pay for continued construction Dewa Poker.

Universal Entertainment to fund Okada Manila by taking on $600 million in debtThe resort first opened in December 2016. It has undergone a series of facelifts since then to add additional features that have led it to be able to brag of $50.6 million in gross gaming revenue (GGR) this past October.

The private placement of notes to cover the funds has already taken place,

according to a filing Universal sent to the JASDAQ (Japanese Association of Securities Dealers Automated Quotation). It added that the notes themselves will be issued today, and that each carries a price of $0.99 on the principle. The debt is expected to mature on December 11, 2021 and has an annual coupon of 8.5%. The placement was overseen by Union Gaming Securities.

The net proceeds from the placement will be used to cover the construction costs at Okada Manila, for general corporate purposes and to repay a loan provided by Tiger Resorts Asia, a subsidiary that also runs Okada Manila.

The company said earlier this month that it has not yet implemented a share buy-back program that it first announced in October. Universal is expected to buy back 600,000 shares of common stock, which is about 0.75% of its outstanding shares. In exchange, it will pay around $17.6 million and the buy-back program was expected to start on October 15 and terminate on December 28.

Okada Manila is expected to become one of the biggest attractions in the Philippines. Fitch has given it a B+ rating because of its “strong market position” and continued growth. However, an ongoing feud with Universal’s former chairman, Kazuo Okada, is causing difficulties that the company still cannot overcome. Kazuo Okada has been fighting to take back control of the company since being ousted last year over concerns that he had misused company funds for his own personal gain.

Nancy Matson picks up her first WSOPC gold ring at The Bike

Video editor by day, poker aficionado by night. That sums up Nancy Matson’s life in a nutshell. Her poker skills have paid off, as she took down the WSOPC $1,125 NLHE event at The Bike this Nancy Matson picks up her first WSOPC gold ring at The Bikepast weekend to take home $42,940 and her first WSOPC gold ring. She now has earned over $129,000 in live poker action, according to Hendon Mob Raja Poker.

Matson only wanted to earn enough points to be in the top 100 of the poker women on the Global Poker Index, but was able to achieve something better. The LA resident emerged victorious from a field of 159 players to take down the event and add a little high-priced bling to her jewelry box.

The event lasted two days and the field helped create a prize pool of $159,000.

The top 18 finalists all took home a little cash, with $2,130 being the least amount. 141 players were all given their walking papers on Day 1, leaving the final 18 to duke it out on Day 2. Of those, Matson was neither at the top or the bottom of the stack, but was able to hold her own to make it all the way through to the final table.

She described herself as the “dark horse” of the tournament – a relative unknown surrounded by a bunch of tournament regulars. This probably gave her an edge, as her anonymity meant that players weren’t used to her style and couldn’t get a proper read on her moves.

With the final table in place, Matson was somewhere in the middle of the pack in chips.

As she bided her time and survived as others fell, she continued to grow her stack, waiting to pounce. She would finally face Todd Rebello, a WSOPC ring winner who earned his bling when he took down the $300 NLHE tournament at Caesars Atlantic City in 2008, to decide the tournament winner.

Rebello, who has over $720,000 in live-action earnings, was on a quest to pick up another WSOPC gold ring. Although he almost made it, he would have to settle for $26,530 for finishing in second place.