Casino magnate Enrique Razon Jr announced he will soon build his second casino in the Philippines, just days after he warned that the casino supply in the country is growing faster than customer demand.

The Bloomberry Resorts chairman and CEO told local reporters that his company will start building a “mixed-use development with a hotel and casino” on a PHP1.9 billion (US$40.5 million) property in the Quezon City area, the Philippine Star reported.

Razon said the new project, which will sit on a 1.5 hectare property in the Quezon City Central Business District, will be “similar to Solaire Resorts & Casino” in the Philippine Amusement and Gaming Corporation (Pagcor) Entertainment City in Paranaque. The new casino is located within the 45-hectare Vertis North development in the North Triangle property, about 23 kilometers away from Solaire.

Surestre Properties Inc. (SPI), the hotel and resort development arm of Bloomberry, acquired the property from the National Housing Authority (NHA) last year. According to the report, SPI’s original plan was to build “a mixed use development in accordance with the Vertis North master plan, and subject to required regulatory and local government approvals.”