• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Philippines’ 50 Richest includes casino investors

Sep 26, 2019 Newsdesk Latest News, Philippines, Top of the deck  


Philippines’ 50 Richest includes casino investors

A number of entrepreneurs with casino interests makes the latest list of the “Philippines’ 50 Richest” compiled by Forbes. They owe their ranking not only to the gambling sector but also to diversified business interests, with some activities in the family for several generations.

In top spot, with an estimated combined net worth of US$17.2 billion, are six children of the late Henry Sy, a tycoon who died in January. They are: Teresita, Elizabeth, Henry Jr, Hans, Herbert and Harley.

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 family founded Belle Corp, an investor in gaming, including in the City of Dreams Manila casino resort in the Philippine capital, that is managed by a unit of casino group Melco Resorts and Entertainment Ltd. In April Premium Leisure Corp, a unit of Belle Corp, suggested there might be more casino properties in the Philippines under the moniker ‘City of Dreams’.

In fourth spot in the Philippines’ 50 Richest is Enrique Razon (pictured), with a real-time net worth estimated at US$5.1 billion as of Wednesday.

He chairs Philippines-listed Bloomberry Resorts Corp, which developed and operates the Solaire Resort and Casino in Entertainment City in Manila. Mr Razon’s family first made its money in port operations, a business founded by his grandfather at the start of the 20th century. Mr Razon now runs International Container Terminal Services, said to be the country’s leading cargo terminal operator.

Bloomberry Resorts has plans to develop a second Philippine casino resort at Quezon City, and is additionally eyeing a casino licence for Japan.

In 10th spot on Forbes’ rundown is Andrew Tan, with an estimated net worth of US$2.55 billion. His Alliance Global Group Inc has a partnership with Hong Kong-listed cruise ship operator Genting Hong Kong Ltd. Together they control Travellers International Hotel Group Inc, the operator of the Resorts World Manila casino resort at Newport City, opposite Ninoy Aquino International Airport, the Philippine capital’s main air hub.

In August, Philippine-listed Travellers International began a PHP8.7-billion (US$167-million) tender offer to take the business private.

In 22nd spot on Forbes’ list is Dennis Uy, via an estimated net worth of US$660 million. He is the founder of Udenna Corp, a conglomerate with interests spanning petroleum, oil and gas, shipping, logistics, real estate and education. It is also developing – via a related entity – sites with a view to having gaming business.

In May this year, an executive of PH Resorts Group Holdings Inc, a listed arm of Udenna, said PH Resorts would borrow up to US$420 million to build a casino resort on the island of Mactan, an island adjacent to Cebu.

The PH Resorts portfolio is also developing another resort – in the northern province of Pampanga, in the Clark Freeport Zone – with the aim of offering casino gaming. In December last year a projected completion date of 2022 was mentioned for the construction work.


  • tweet
Related articles
  • Premium Leisure net income up 52pct in year to Aug
    Premium Leisure net income up 52pct in...

    Sep 19, 2023  

  • GGR at Newport World Resorts down sequentially in 2Q
    GGR at Newport World Resorts down...

    Aug 15, 2023  

More news
  • Strong Macau hotel bookings for autumn Golden Week
    Strong Macau hotel bookings for autumn...

    Sep 22, 2023  

  • Big players, tourists due for Golden Week say Macau experts
    Big players, tourists due for Golden...

    Sep 22, 2023  


Latest News

Strong Macau hotel bookings for autumn Golden Week

Strong Macau hotel bookings for autumn Golden Week

Sep 22, 2023  

A number of hotel properties at Macau casino resorts has already sold all or most of the rooms that are available on the open market, for most nights of the upcoming autumn Golden Week holiday...
Read More
Big players, tourists due for Golden Week say Macau experts

Big players, tourists due for Golden Week say Macau experts

Sep 22, 2023  

Philippines must up AML to exit FATF grey list says lawmaker

Philippines must up AML to exit FATF grey list says

Sep 22, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”This year, so far, we will be starting [revamp] work at Grand Hyatt; then, we are looking at Countdown, and afterwards we will look at Altira and others”

Lawrence Ho

Chairman and chief executive of Melco Resorts



Most Popular

  • Golden Week Macau GGR to be 17pct up on rest of Oct: MSGolden Week Macau GGR to be 17pct up on rest of Oct: MS September 21, 2023
  • Macau logs 3.2mln visitors in Aug, only 4pct from overseasMacau logs 3.2mln visitors in Aug, only 4pct from… September 20, 2023
  • Grand Hyatt MICE revamp before year end: Melco CEOGrand Hyatt MICE revamp before year end: Melco CEO September 21, 2023
  • No swift resumption of dividends for most Macau ops: GSNo swift resumption of dividends for most Macau ops: GS September 19, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us