GGRAsia – Top ranked rich Filipinos in Forbes list have casino stakes

Top ranked rich Filipinos in Forbes list have casino stakes

Sep 18, 2020 Newsdesk Latest News, Philippines, Top of the deck

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, according to the updated list published on Wednesday.

In top spot, with an estimated combined net worth of US$13.9 billion, are six children of the late Henry Sy, a tycoon who died in January last year. 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 is 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.

Entrepreneurs on Forbes’ “Philippines’ 50 Richest” saw their collective wealth fall 22 percent to US$60.6 billion as the Covid-19 pandemic disrupted the country’s economy. Of those listed, 32 saw their respective net worth decline in the latest edition of the list. The Sy siblings took the biggest hit in U.S.-dollar terms, with their wealth down by US$3.3 billion, amid a contracting economy.

Enrique Razon (pictured) climbed one spot in the latest edition of the list, to third place, with a net worth of US$4.3 billion, down from US$5.1 billion previously.

Mr Razon 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.

In 6th spot on Forbes’ rundown, is Andrew Tan, up four places from the 2019 list, with an estimated net worth of US$2.3 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.

The group is also involved – via one of its units – in the development of a casino resort at Entertainment City, in Manila. The project also includes Hong Kong-listed Suncity Group Holdings, the latter controlled by Macau casino junket boss Alvin Chau Cheok Wa.

In 22nd spot on Forbes’ list is Dennis Uy, via an estimated net worth of US$650 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 August, PH Resorts Group Holdings Inc, a listed arm of Udenna, said the launch of the first phase of its upcoming Emerald Bay casino resort at Mactan, Cebu, would be “completed in the second quarter of 2022.”