Senior Vice-President for Global Development of MGM Resorts, Ed Bowers.
“We looked at Philippines a couple of years ago, and we decided not to go there. I’d say probably partly to do with the market, certainly about the ability of the market to grow,” he said in an interview during the Global Gaming Expo Asia forum reported by BusinessWorld online.
“There’s a country risk element in doing business in the Philippines and it’s really high".
My concern is that the Philippines is maybe getting a bit oversaturated because you already got operators and there’s another one building, said Mr. Bowers.
The country has three casinos owned by the Philippine Amusement and Gaming Corporation (PAGCOR), namely City of Dreams Manila by Melco Crown Philippines (Resorts) Corp., Solaire Resort & Casino by Bloomberry Corp. and Okada Manila by Tiger Resorts, Leisure & Entertainment, Inc.
Bowers pointed out MGM evaluates a country’s specific risks regarding regulation, market feasibility, and market size, in determining its business model.
“And I don’t know whether that’s going to be too much because you need to bring people in. Whereas the local market has only a certain size,” he noted.