The owner of Solaire Resort and Casino fears that the supply of casinos in the Philippines is growing faster than customer demand.

On Thursday, Bloomberry Resorts Corp owner Enrique Razon Jr told reporters that Manila’s casino development is a case of “too many, too fast.” Bloomberry, the parent company of Solaire, reported a net loss of $72.8m last year, compared to a $91m profit in 2014, and Razon warned that the local casino market is “not growing as fast as the industry wants it to.”

Resorts World Manila, which opened in 2009, got its first real competitor in 2013 via Solaire’s launch, which was joined by Melco Crown Entertainment’s City of Dreams Manila the following year. Kazuo Okada’s Manila Bay Resorts is set to open at the end of this year, while Resorts World Bayshore will follow in 2018.

Manila Bay Resorts has previously stated that it plans to offer 500 gaming tables and 3k slots when it opens its doors, which will boost the existing market supply by 53%. Meanwhile, the double-whammy of Beijing’s corruption crackdown and a sluggish Chinese economy has slowed the flow of Chinese gambling tourists, leading to questions as to who will fill the seats at these new tables.