Entrepreneurs with casino investments have maintained their respective one-two rankings on Forbes list of the ‘Philippines’ 50 Richest’, announced on Thursday.
The person in third place plans to have a gaming resort, but has not yet joined the casino-entrepreneur ‘club’.
Topping the list are the ‘Sy siblings’ with an estimated net worth of US$11.8 billion, down US$1.2-billion year-on-year.
They are heirs to a business empire built by the late Henry Sy Sr. The City of Dreams Manila casino resort – run by a unit of global gaming group Melco Resorts & Entertainment Ltd – was developed in cooperation with Premium Leisure Corp. The latter is a subsidiary of Belle Corp, a gaming and real estate entity controlled by the Sy family.
Belle Corp has paused a planned push into the online gaming sector, awaiting clarity on the Philippines’ regulatory stance on that industry, local media outlets reported this week, citing management’s remarks in a Wednesday briefing.
Second and third on the latest Philippines’ 50 Richest list are ports and casino entrepreneur Enrique Razon Jr, and real estate businessman and would-be casino boss Manuel Villar Jr. Their net worth rose compared to a year ago, according to information compiled by Forbes.
Mr Razon’s is now put at US$11.5 billion, up US$400 million from a year ago. His Bloomberry Resorts Corp developed and operates the Solaire Resort and Casino, in Manila’s Entertainment City, and Solaire Resort North, a casino property at Quezon City launched last year.
Mr Villar saw his net worth up US$100 million year-on-year, to US$11 billion. In March he said he would go it alone – without a previously-flagged foreign partner – on planned casino investment in Metro Manila.
In 15th spot on Forbes’ latest list, down two positions from 2024, is Andrew Tan, who chairs Alliance Global Inc. He has an estimated US$1.65 billion in net worth, down from US$1.8 billion last year.
Alliance Global is an investor in Travellers International Hotel Group Inc, operator of the Newport World Resorts gaming complex near Manila International Airport.
Dennis Uy, who had been ranked 41st on the Philippines’ 50 Richest a year ago, is off the latest list. His conglomerate Udenna Corp is the parent of Philippine casino developer PH Resorts Group Holdings Inc, which controls the stalled Emerald Bay Resort Hotel and Casino project in Cebu.
