IRC blues
Ex-Las Vegas Sands board member Jason Ader, 57, has run into a world of financial and legal trouble after failing to acquire Okada Manila, a multibillion-dollar integrated resort (IRC) in the Philippines owned by Universal Entertainment Corp.
filed for Chapter 11 bankruptcy
According to reports, the CEO of asset management firm SpringOwl has filed Chapter 11 bankruptcy for his special purpose acquisition company, 26 Capital Acquisition Corp. Ader formed the under-fire SPAC in 2021 via a reverse merger that valued Universal at $2.6bn, and used it as a pivot to make an ambitious $3bn+ bid for a New York-area casino license.
In his NY casino pitch, Ader said his new “debt free” SPAC would benefit from Universal’s experience building Okada Manila, an IRC the Japanese gaming machine giant owns. In 2023, however, the merger flatlined with Universal accusing 26 Capital of “various material breaches of the merger agreement and fraudulent conduct.”
After a prolonged legal battle with Universal, and with other financial pressures mounting, Ader has cited a raft of unpaid bills as the reason for declaring bankruptcy.
Pressure mounts
In December 2021, Ader was the talk of New York after announcing his casino bid included the world’s largest cryptocurrency trading floor and a landing pad for flying cars.
Fast-forward to 2025 and the high-flying exec, who made a name for himself on the Sands board from 2009 to 2016, finds himself facing financial pressure from multiple directions, including from his own mother.
Pamela Ader filed a suit against her son last year after Jason allegedly failed to keep up with repayments on a US$13m mortgage linked to his deceased father Richard’s Upper East Side townhouse.
jetsetting lifestyle”
On top of his mother’s ongoing suit comes news American Express is now suing Ader in an attempt to recover unpaid balances that, according to reports, “fueled his jetsetting lifestyle.”
Last summer splurge
On Tuesday, the New York Post revealed that Ader allegedly spent $370,000 on multiple Amex credit cards, with court papers reportedly citing a “wild” European holiday in August 2024.
Citing court statements, the Post revealed Ader spent nearly $9,000 on his ‘Black’ Amex Centurion at a Christian Dior store in Monaco. He was also pictured on his summer holiday with partner Hana on Instagram at the exclusive Monte-Carlo Country Club on the Cote d’Azur, and at an Olympic beach volleyball tournament held beneath Paris’ Eiffel Tower.
According to news on Tuesday, Ader stated he only learned of the Amex complaint recently and hasn’t yet been served with a lawsuit. The under-fire exec issued a statement saying that “if valid” the case will be dealt with through normal legal channels.
“To be clear: there is no judgment, and no indication of wrongdoing,” Ader concluded.
