Universal Entertainment, operator of Okada Manila, officially scrapped its plan to list its subsidiary Tiger Resort, Leisure, and Entertainment Inc. (TRLEI) on the Philippine Stock Exchange (PSE). The company confirmed the decision after years of robust financial performance, concluding that a listing through Asiabest Group International Inc. (ABG) no longer aligns with its strategy.
To move forward, Universal Entertainment instructed Tiger Resort Asia Limited (TRA), another subsidiary, to sell its 66.6% controlling stake in ABG to Metro Manila-based real estate firm Premiumlands Corp. The parties valued the transaction at PHP510.4 million (approximately USD 8.8 million). Although this decision marks a shift in TRLEI’s path to public trading, it also provides Universal with added flexibility in reevaluating future listing options.
Previously, TRA acquired ABG shares as part of a backdoor listing plan. However, in light of TRLEI’s consistent revenue growth, the company opted for a strategic pivot. While it has canceled this current listing route, Universal Entertainment emphasized that it remains open to listing TRLEI in the future. It also pledged to announce any renewed plans promptly.
Despite the sizable transaction, Universal clarified that the sale will not affect its consolidated financial results for the fiscal year ending December 2024. Since the share transfer falls under fiscal 2025, the company will record any impacts in the following period.
Importantly, this is not Universal’s first attempt to take TRLEI public. The group previously signed a deal with U.S.-based SPAC 26 Capital, aiming to list TRLEI on NASDAQ. That deal collapsed, eventually leading to the SPAC’s liquidation and delisting.
Even though Universal has paused its PSE listing ambitions, Okada Manila continues to perform strongly in the integrated resort market. As one of the largest and most recognized casino destinations in the Philippines, it remains a key growth driver for the group moving forward.
