Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

Universal Entertainment / Equity Bottom-Up

<ul>
<li>The long, tortured legal mess between Universal and its ousted founder over control of its lucrative Manila integrated casino resort now has a clear path to its spin off IPO.</li>
<li>The Okada Manila resort is among the sector leaders in the burgeoning Philippines gaming market now ramping rapidly toward full GGR recovery.</li>
<li>At UE's current price of 2,347jpy, the stock bears a built in premium of a Spac IPO now appearing to be pointed to debut this year.</li>
</ul>


The long, tortured legal mess between Universal and its ousted founder over control of its lucrative Manila integrated casino resort now has a clear path to its spin off IPO.
The Okada Manila resort is among the sector leaders in the burgeoning Philippines gaming market now ramping rapidly toward full GGR recovery.
At UE's current price of 2,347jpy, the stock bears a built in premium of a Spac IPO now appearing to be pointed to debut this year.


Universal Entertainment of Japan: IPO for Its Manila Casino Draws Closer

<ul>
<li>The Philippine gaming market is recovering fast from covid with the future of hs biggest casino property plagued by legal battles.</li>
<li>Founder Kazuo Okada dismissed in 2017 by the Universal board over his alleged financial self dealing, is seen behind a May 31st strong arm takeover of the property.</li>
<li>The Manila government thus far remains neutral but plans for a Spac IPO by Universal and a US based hedge fund is delayed, but is scheduled to debut by September.</li>
</ul>


The Philippine gaming market is recovering fast from covid with the future of hs biggest casino property plagued by legal battles.
Founder Kazuo Okada dismissed in 2017 by the Universal board over his alleged financial self dealing, is seen behind a May 31st strong arm takeover of the property.
The Manila government thus far remains neutral but plans for a Spac IPO by Universal and a US based hedge fund is delayed, but is scheduled to debut by September.


Okada Manila Mess: How to Play This Chaotic Legal Drama Between Universal and Its Ousted Founder

<ul>
<li>Manila Entertainment Zone casinos now operating at 75% capacity in pandemic endgame that looks like the beginning of a cycle that should bring it near a run rate near 2019  baseline gross gaming revenues.</li>
<li>The property's owners Universal Entertainment of Japan have long sought to convert this property to a separate public company. That deal is now done. </li>
<li>The envisioned Spac would raise US$263m in cash. Universal will roll 100% of its equity into the deal sponsored by its partner Spring Owl Asset Management of New York</li>
</ul>


Manila Entertainment Zone casinos now operating at 75% capacity in pandemic endgame that looks like the beginning of a cycle that should bring it near a run rate near 2019  baseline gross gaming revenues.
The property's owners Universal Entertainment of Japan have long sought to convert this property to a separate public company. That deal is now done. 
The envisioned Spac would raise US$263m in cash. Universal will roll 100% of its equity into the deal sponsored by its partner Spring Owl Asset Management of New York


Okada Manila: Spac Deal Will Create a Public Gaming Company with Strong Upside

<ul>
<li>After a long, frustrating effort to bring its successful Manila casino public, Universal Entertainment of Japan has announced it will pursue the Spac route.</li>
<li>Recent histories of Spac IPOs show doubling and tripling of market caps as both institutions and retail buyers flock to these issues and bid them up quickly.</li>
<li>Okada will aim its Spac IPO at a NASDAQ listing which assures high volume trading from the launch at the same time, we are entering the early endgame of the pandemic in Asia.</li>
</ul>


After a long, frustrating effort to bring its successful Manila casino public, Universal Entertainment of Japan has announced it will pursue the Spac route.
Recent histories of Spac IPOs show doubling and tripling of market caps as both institutions and retail buyers flock to these issues and bid them up quickly.
Okada will aim its Spac IPO at a NASDAQ listing which assures high volume trading from the launch at the same time, we are entering the early endgame of the pandemic in Asia.


Okada Manila Casino Resort Plans Spac IPO This Year to Finally Unlock Value

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Quantitative Analysis

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/121/814/original/naakt-jpg.png?1583659197" class="editor-image img-responsive" data-smartkarma-image-id="121814"></figure>Source  • <a href="https://hollandbesthotels.wordpress.com/" target="_blank" rel="noopener">https://hollandbesthotels.wordpress.com/</a>
</div><blockquote><a href="http://www.berkshirehathaway.com/2001ar/2001letter.html" target="_blank" aria-describedby="external-disclaimer" rel="noopener">“You only find out who is swimming naked when the tide goes out. “</a>- Warren Buffett</blockquote>WHO'S SWIMMING NAKED? - This is the first part of three Insights that will in the spirit of Buffett's famous quip, attempt to highlight those Japanese companies that at the greatest risk from the 2020 Covid-19 recession. We will focus on three factors - the Audit Score, the Altman Z-Score and Cumulative Cash Flows - that individually, and in combination, can highlight those companies most at risk.<hr><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/121/877/original/2020-03-09_07-18-54.png?1583705968" class="editor-image img-responsive" data-smartkarma-image-id="121877"></figure><div class="content-caption">Source • Japan Analytics</div>PART 1: AUDIT SCORE - This factor is 'hiding in plain sight'. Since 2003, the Auditors' Opinion has been available in a format that allows 'parsing' into a database format and the creation of an 'Audit Score'. Although often a coincident rather than a leading indicator, by cumulating the score from year to year, patterns can emerge that highlight unfolding risks as in the case of <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" data-smartkarma-citation="entities:8244:1" rel="noopener">Leopalace21 Corp (8848 JP)</a> above.


Source  • https://hollandbesthotels.wordpress.com/
“You only find out who is swimming naked when the tide goes out. “- Warren BuffettWHO'S SWIMMING NAKED? - This is the first part of three Insights that will in the spirit of Buffett's famous quip, attempt to highlight those Japanese companies that at the greatest risk from the 2020 Covid-19 recession. We will focus on three factors - the Audit Score, the Altman Z-Score and Cumulative Cash Flows - that individually, and in combination, can highlight those companies most at risk.Source • Japan AnalyticsPART 1: AUDIT SCORE - This factor is 'hiding in plain sight'. Since 2003, the Auditors' Opinion has been available in a format that allows 'parsing' into a database format and the creation of an 'Audit Score'. Although often a coincident rather than a leading indicator, by cumulating the score from year to year, patterns can emerge that highlight unfolding risks as in the case of Leopalace21 Corp (8848 JP) above.   

🇯🇵 JAPAN • Who's Swimming Naked? > Part 1: Audit Score

Japan

Universal Entertainment Corporation develops, manufactures, and sells pachinko, pachinko slot machines, amusement equipments & casino equipments designed for overseas use.  The Company also engages in casino hotel management.

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Universal Entertainment (6425 JP)

Universal Entertainment of Japan: IPO for Its Manila Casino Draws Closer

Japan's Universal Entertainment's plans to take its successful manila resort public now are past obstructions and appear ready for a spac IPO...

Howard J Klein

Okada Manila Mess: How to Play This Chaotic Legal Drama Between Universal and Its Ousted Founder

Universal Entertainment Corp (6425T) is engaged in a legal battle with its ousted CEO and founder that has broken out into a physical takeover that...

Howard J Klein

Okada Manila: Spac Deal Will Create a Public Gaming Company with Strong Upside

The proposed Okada Spac deal has bullish attributes other Spacs generally do not. Therefore its potential post issue is more likely to outperform...

Howard J Klein

Okada Manila Casino Resort Plans Spac IPO This Year to Finally Unlock Value

Okada Manila plans a Spac IPO that holds the promise of a major boost in market cap as investor response to such offerings have proven highly...

Howard J Klein

🇯🇵 JAPAN • Who's Swimming Naked? > Part 1: Audit Score

“You only find out who is swimming naked when the tide goes out. “- Warren BuffettWHO'S SWIMMING NAKED? - This is the first part of three Insights...

Campbell Gunn

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