Philippine President Rodrigo Duterte attended on Sunday the wake of Chinese-Filipino business magnate Henry Sy who died on Saturday at the age of 94.
News of the death of Mr Sy (pictured) had been announced via a written statement issued by SM Investments Corp, the conglomerate Mr Sy’s family owns. Among the family interests is Belle Corp, an investor in the City of Dreams Manila casino resort that is managed by a unit of Melco Resorts and Entertainment Ltd.
Belle Corp reported in October that its third-quarter net profit fell to PHP595 million (US$11.3 million) last year, 16.8 percent less than a year earlier, as its gaming revenue shrank by 6.8 percent to about PHP648.2 million.
Forbes magazine had for the past 11 years identified Mr Sy as being the richest person in the Philippines. According to that media outlet, he had a net worth of US$19 billion at the time of his demise.
After starting a shoe shop in Manila in 1958, he built a business empire which now encompasses retailing, real estate and banking.
SM Investments is the parent company of SM Retail Inc, the biggest chain of department stores and supermarkets in the Philippines; SM Prime Holdings Inc, the Philippines’ biggest operator of shopping malls; and a bank, BDO Unibank.
Belle Corp management has recently indicated the company is interested in boosting its gaming interests. Belle Corp says it has proposed an expansion of City of Dreams Manila. Belle Corp also owns about one hectare of undeveloped land adjacent to the City of Dreams Manila site.
Mr Sy was born in mainland China’s Fujian province. One media report said he is survived by his wife, Felicidad Tan-Sy, and six children who are involved in the family businesses.
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