Casino backers in top 3 of Forbes’ Philippines Richest

Aug 08, 2024 Newsdesk Latest News, Philippines, Top of the deck  

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Entrepreneurs with casino investments have spots within the top three on the list of the wealthiest people in the Philippines, as compiled by Forbes. Ports and casino entrepreneur Enrique Razon Jr takes the second spot for the first time, according to a Thursday press release.

The Sy siblings, heirs to the group built by the late Henry Sy Sr, jointly retain the top spot on the “Philippines’ 50 Richest”, despite a US$1.4-billion decline to their net worth, which now stands at US$13.0 billion, according to the release published by Forbes.

Their inherited riches are comprised largely of stakes held in the family-founded, publicly-traded SM Investments Corp – a conglomerate focused on shopping malls and real estate – and SM Prime Holdings Inc, a real estate developer.

The City of Dreams Manila casino resort – run by a unit of Melco Resorts & Entertainment Ltd – was developed in cooperation with Premium Leisure Corp, a subsidiary of Belle Corp, a gaming and real estate entity controlled by the Sy family. The group is also looking at other gaming investment opportunities in the country.

At number two on the rich list is Mr Razon (pictured in a file photo), who was the biggest dollar gainer for the second year in a row. Mr Razon saw his fortune rise US$3.0 billion, to US$11.1 billion.

Mr Razon’s Bloomberry Resorts Corp developed and operates the Solaire Resort and Casino, in Manila’s Entertainment City. The gaming firm launched in late May Solaire Resort North, a new casino property at Quezon City, north of Manila.

In his other businesses, shares in his company International Container Terminal Services jumped nearly 80 percent in the past year, “amid the global trade rebound,” started Forbes.

Down to third spot on the Philippines’ 50 Richest is real estate businessman Manuel Villar Jr, despite his net worth increasing by US$1.2 billion to US$10.9 billion.

Mr Villar said last month that he is aiming to open the first of two planned casino resorts in the Manila region as early as mid-2025, with an estimated investment of about US$1 billion.

In 13th spot on Forbes’ list, down two positions from 2023, is Andrew Tan, who chairs Alliance Global Inc, with an estimated US$1.8 billion, down from US$2.4 billion from the prior year.

Alliance Global is an investor in Travellers International Hotel Group Inc, operator of the Newport World Resorts gaming complex near Manila International Airport.

Ranked 41st, with an estimated US$305 million, is Dennis Uy, down from 31st last year. 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.

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