Former Sands Executive Jason Ader Faces Bankruptcy Due to Manila Casino Purchase

Jason Ader, a former member of the Las Vegas Sands board, is currently facing financial pressures from multiple directions. The most recent development comes from his personal bankruptcy filing for his special purpose acquisition company, 26 Capital Acquisition Corp., in 2023.

The company, formed via a reverse merger in 2021, made an ambitious bid for a New York-area casino license. However, the bid failed to materialise, and the company's fortunes seem to have taken a turn for the worse.

A significant part of Ader's financial troubles appears to stem from his personal spending. Reports suggest that his jetsetting lifestyle, funded in part by multiple American Express credit cards, includes a $370,000 expenditure last summer. Court papers also cite a "wild" European holiday in August 2024 as an example of Ader's alleged spending.

These spending habits have not gone unnoticed. American Express is suing Ader to recover unpaid balances, and there are allegations of improper use of the cards related to creditor claims against American Express. However, the accusers in this case are not publicly specified.

Ader, 57, has stated that he only recently learned of the Amex complaint and hasn't yet been served with a lawsuit. He maintains that there is no judgment against him, and no indication of wrongdoing, according to his statement.

In addition to the Amex lawsuit, Ader is also facing legal battles with Universal Entertainment Corp. The merger between 26 Capital Acquisition Corp. and Universal Entertainment Corp., which was valued at $2.6bn through a reverse merger in 2021, flatlined in 2023. Universal accused 26 Capital of "various material breaches of the merger agreement and fraudulent conduct." Ader issued a statement saying that if valid, the case will be dealt with through normal legal channels.

The legal battle with Universal seems to have taken a toll on Ader's finances. After a prolonged legal battle with the corporation, Ader cited a raft of unpaid bills as the reason for declaring bankruptcy.

Ader's financial struggles are not limited to his business dealings. His partner, Pamela Ader, filed a suit against him last year over unpaid mortgage repayments. Moreover, reports suggest that he is facing financial pressure from his own mother.

Despite the challenges, Ader continues to maintain a public profile. He was pictured on his summer holiday with partner Hana on Instagram at the exclusive Monte-Carlo Country Club and at an Olympic beach volleyball tournament held beneath Paris' Eiffel Tower.

As the legal battles continue and Ader navigates his financial difficulties, it remains to be seen how these events will shape his future.

Former Sands Executive Jason Ader Faces Bankruptcy Due to Manila Casino Purchase