Overinvestment in Philippines’ gaming industry is likely to end up in oversupply, says Bloomberry owner Enrique Razon Jr. in an interview with Reuters on Tuesday.
Earlier this month, Pagcor said it will start privatizing more than 40 of its casinos across the country. Razon said this will inevitably lead to cannibalization risks.
“Cannibalization – it is always possible, over investment. With liquidity nowadays and (low) interest rates, people are making investments that 10 years ago (they) wouldn’t even think about, those kinds of returns.”
On the topic of acquiring Pagcor casinos, Razon said Bloomberry would be interested in acquiring the casinos, but further details were needed to understand how any sale would work.
Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.
ASIA GAMING BRIEF
PO Box 1139, Macau SAR
Tel: +853 2871 7267
Fax: +853 2871 7264