PH gaming market at risk of oversupply: Razon

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.

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