Casino backers among top 3 of Forbes’ Philippines Richest

Aug 10, 2023 Newsdesk Latest News, Philippines, Top of the deck  

---

Entrepreneurs with casino investments have spots within the top three on the list of the wealthiest people in the Philippines, as compiled by Forbes. Another casino-related name makes the top 10.

The Sy siblings, heirs to the group built by the late Henry Sy Sr, jointly retain the top spot on the “Philippines’ 50 Richest”, adding US$1.8 billion to their net worth, which now stands at US$14.4 billion, according to a press release published on Thursday 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. Shares in SM Investments Inc jumped 19 percentfrom a year ago, “amid a rebound in consumer spending,” according to Forbes.

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.

Belle Corp’s casino revenue generated from its share of gaming business at City of Dreams Manila rose by nearly 28 percent year-on-year in the first half of 2023.

At number three on the rich list is ports tycoon Enrique Razon Jr (pictured in a file photo), this year’s biggest gainer in U.S. dollar terms. Mr Razon saw his fortune rise US$2.5 billion, to US$8.1 billion.

Mr Razon’s Bloomberry Resorts Corp developed and operates the Solaire Resort and Casino, in Manila’s Entertainment City. In his other businesses, shares in his company International Container Terminal Services jumped 24 percent from a year ago, “thanks to sustained improvement in supply chains,” started Forbes.

The Philippine domestic market for casino gambling has boomed recently, according to industry commentators. The country reopened early last year to foreign tourism, following a pause during the Covid-19 pandemic.

Philippines-listed Bloomberry on Wednesday reported net income attributable to shareholders of just below PHP3.43 billion (US$61.0 million) for the second quarter of 2023, up 15.1 percent from the preceding three months.

In 11th spot on Forbes’ list, down one position from 2022, is Andrew Tan, who chairs Alliance Global Inc, with an estimated US$2.4 billion, flat 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 31st, with US$440 million, is Dennis Uy, down from 24th last year. His conglomerate Udenna Corp, is the parent of Philippine casino developer PH Resorts Group Holdings Inc, which is developing Emerald Bay Resort Hotel and Casino in Cebu.

---

---