Key Moments:
- 26 Capital Acquisition Corp. filed for Chapter 11 bankruptcy protection in Delaware in July
- The SPAC’s attempted acquisition of Okada Manila in the Philippines resulted in a lengthy legal dispute
- Jason Ader reportedly owes $370,000 to American Express, which is now suing him
Chapter 11 Filing Ends Troubled Casino Bid
26 Capital Acquisition Corp., the special purpose acquisition company associated with Jason Ader, filed for Chapter 11 bankruptcy protection in Delaware in July. This filing followed an unsuccessful attempt to acquire Okada Manila, a prominent casino hotel in the Philippines. The failed transaction led to a prolonged legal confrontation with Universal Entertainment, the owner of the gaming venue.
Almost two years earlier, the blank-check firm indicated to investors it would liquidate after negotiations to merge with Okada Manila deteriorated. In October 2021, 26 Capital announced a deal to take Okada Manila public in the United States through a reverse merger, valuing the integrated resort operator at $2.6 billion. However, differing perspectives on the merger’s pace emerged, with Universal Entertainment alleging the SPAC rushed the process due to a $25 million stock sale to Rimu Capital. The proceeds from this sale were reportedly deposited into Jason Ader’s personal account, raising concerns and further complicating the transaction timeline.
Jason Ader, hedge fund boss who was sued by his own mother, declares bankruptcy — and faces $370K Amex bill after wild Monaco spreehttps://t.co/j6SzN3g8bE
— RK | Consultants (@_RKConsultants) September 1, 2025
Legal and Financial Troubles Continue for Ader
Beyond the bankruptcy proceedings, Jason Ader is contending with various legal issues. American Express has sued Ader in an effort to recover approximately $370,000 allegedly spent on multiple credit cards, including a Black card. Reports indicate no financial judgment has been issued against him to date, and Ader has stated that he was only recently made aware of the complaint and has not received formal legal paperwork.
In addition, Ader faces lawsuits from dissatisfied clients as well as his own mother, who is seeking $13 million in connection with a defaulted mortgage on a New York City townhouse. Both matters have contributed to a growing list of legal challenges confronting Ader.
Background in the Gaming Industry
Jason Ader has established longstanding connections within the gaming sector. Having served as a casino analyst at Bear Stearns, he earned recognition for his work and later became a member of the Las Vegas Sands (NYSE: LVS) board of directors from 2009 to 2016. His past accomplishments include involvement in the acquisition of online gaming company Bwin.party—now part of Entain Plc—and making significant investments in gaming software supplier Playtech through his firm, SpringOwl Asset Management, in 2018.
Ader’s career in the gaming space extends back to the 1980s, tracing his early experience to his tenure at Bear Stearns, where he learned from CEO Ace Greenberg, a notable financier of Atlantic City casinos.
| Entity | Event/Status | Financial Figure |
|---|---|---|
| 26 Capital Acquisition Corp. | Filed for Chapter 11 bankruptcy | N/A |
| Okada Manila | Attempted acquisition (reverse merger failed) | $2,600,000,000 (deal valuation) |
| American Express | Suing Jason Ader | $370,000 (alleged debt) |
| Ader’s Mother | Suing Jason Ader | $13,000,000 (mortgage dispute) |
- Author
Daniel Williams
