Gaming expert: Philippine casino market is oversaturated
In an exclusive interview with Forbes’ Muhammad Cohen, Lee said his group didn’t believe the Philippines gaming market was “large enough to sustain four major operators,” following the proposal of Japanese billionaire pachinko mogul Kazuo Okada’s USD 2B IR in Entertainment City in Manila.
Lee admits that Chinese visitation to the Philippines has enjoyed impressive year-on-year growth, but “the actual numbers are still extremely low.” Lee said there are still “very few Chinese mass [market gaming] players” on Philippine casinos’ main gaming floors, where South Korean tourists dominate the international presence.
City of Dreams Manila is one of four major gaming venues in the Philippine capital, along with Travellers International’s Resorts World Manila, Bloomberry’s Solaire Resort & Casino, and Universal Entertainment’s Okada Manila, which had its soft opening last December. A fifth resort, Travellers International’s West Side City Resorts World, is tipped to open in Entertainment City sometime next decade, while Bloomberry is planning another property in Quezon City.
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