Philippine casino tycoon Enrique Razon Jr. believes casinos in the area are sprouting ‘too fast.’
The Philippines.- Yesterday (Thursday) Solaire Resort and Casino’s owner Enrique Razon Jr. warned of an “oversupply” of casinos in the Manila Bay area, with the opening of two additional gambling facilities in the next two years.
His own Solaire opened in 2013 and marked the launch of the 120-hectare Entertainment City gaming complex, the Philippines’ response to Singapore and Macau’s casino industry.
Solaire’s opening in 2013 marked the launch of the 120-hectare Entertainment City gaming complex, the Philippines’ response to casino hubs Singapore and Macau. Then in late 2014 the City of Dreams Manila was inaugurated. Japanese billionaire Kazuo Okada is expected to open his Manila Bay Resorts in Entertainment City by the end of 2016 whilst Resorts World Bayshore is scheduled to open in 2018.
“It’s too many, too fast,” said Razon. “The market is not growing as fast as the industry wants it to. Supply is growing faster than the market.”
Whilst the Philippines faces oversupply, regional gaming hubs are struggling. Macau, the world’s biggest gambling market, has been experiencing for some time now slowing earnings growth after the anti-graft campaign launched by Chinese president Xi Jinping.