Further considerations on the Philippine market

An expert has analysed with Forbes the potential of the Philippines gaming market.

Philippines.- Forbes has shared an exclusive interview with gaming entrepreneur Ben Lee, managing partner at IGamiX Management & Consulting. During his conversation with Forbes magazine, Lee has analysed the Philippines gaming market and gave his point of view as to major projects in the region.

“The market will be oversaturated. We don’t believe the market is large enough to sustain four major operators, with more yet to come in the Philippines – not just in Manila. What this means is that competition will become extremely fierce to the point where profitability will be significantly impacted,” stated Lee. The conclusion the gaming expert revealed to Forbes responds to the announced investment of Okada Manila, a US$2 billion IR in the Philippine market.

According to the entrepreneur, the growth of the local industry can be explained due to VIP segments. Furthermore, Lee added: “What most analysts failed to realise is that a huge component of the perceived growth came from cannibalization of Pagcor’s business.” However, the businessman considers that the local market could not be further expanded.

Meanwhile, the gaming industry has also been paralysed by an alleged terrorism attack in Resorts World Manila yesterday. At the time this edition was closed, the international press estimated that at least 25 people were injured by a gunman, but with a possibility of having multiple deaths. The seemingly “tall foreign-looking” person “burst into a popular hotel casino in Manila early on Friday morning, firing shots, setting gaming tables alight and sparking panic, was later killed in a stand-off with police,” reported the Sydney Morning Herald. The news will be followed up in the upcoming edition.