• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Top ranked rich Filipinos in Forbes list have casino stakes

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


Top ranked rich Filipinos in Forbes list have casino stakes

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.”


  • tweet
Related articles
  • Udenna stake in casino firm PH Resorts upped to 87pct
    Udenna stake in casino firm PH Resorts...

    Dec 16, 2020  

  • Emerald Bay topped off, backer gets fresh US$59mln pledge
    Emerald Bay topped off, backer gets...

    Dec 07, 2020  

More news
  • CNY 2021 unlikely to boost Macau casinos, say observers
    CNY 2021 unlikely to boost Macau...

    Jan 15, 2021  

  • Mass market play record 65pct Macau GGR in 4Q: govt
    Mass market play record 65pct Macau GGR...

    Jan 15, 2021  


Latest News

CNY 2021 unlikely to boost Macau casinos, say observers

CNY 2021 unlikely to boost Macau casinos, say observers

Jan 15, 2021  

Recent advisory notices issued by a number of local authorities in mainland China, calling on residents not to travel during the February Chinese New Year (CNY) break, further clouds the prospects...
Read More
Mass market play record 65pct Macau GGR in 4Q: govt

Mass market play record 65pct Macau GGR in 4Q: govt

Jan 15, 2021  

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Jan 15, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“We expect Las Vegas Sands to not have any material change in strategy. The focus remains developing Macau and Singapore”

Vitaly Umansky, Kelsey Zhu and Tianjiao Yu

Analysts at brokerage Sanford C. Bernstein



Most Popular

  • Sheldon Adelson, self-declared casino industry iconoclastSheldon Adelson, self-declared casino industry iconoclast January 13, 2021
  • Quality fake chips sold online found at Macau casinoQuality fake chips sold online found at Macau casino January 13, 2021
  • Casino entrepreneur Sheldon Adelson dies aged 87Casino entrepreneur Sheldon Adelson dies aged 87 January 12, 2021
  • Police find US$11m of missed Landing cash, suspects soughtPolice find US$11m of missed Landing cash, suspects sought January 14, 2021
  • Still Asia focus for LVS post chairman death: BernsteinStill Asia focus for LVS post chairman death: Bernstein January 14, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us