Casino businessmen in the top 3 spots of PH wealthiest

Entrepreneurs with casino investments dominate the top three spots on Forbes’ list of the wealthiest people in the Philippines. Enrique Razon Jr., a ports and casino entrepreneur, secures 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., maintain the top spot on the “Philippines’ 50 Richest” list, despite a $1.4 billion decline in their net worth, which now stands at $13.0 billion, according to Forbes.

Their wealth primarily consists of stakes in the 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, operated by a unit of Melco Resorts & Entertainment Ltd, was developed in partnership with Premium Leisure Corp, a subsidiary of Belle Corp, which the Sy family controls. The group is also exploring other gaming investment opportunities in the country.

Enrique Razon Jr., ranked second on the rich list, was the biggest dollar gainer for the second consecutive year. His fortune increased by $3.0 billion, reaching $11.1 billion. Razon’s Bloomberry Resorts Corp developed and operates the Solaire Resort and Casino in Manila’s Entertainment City and recently launched Solaire Resort North, a new casino property in Quezon City.

Razon’s other business, International Container Terminal Services, saw its shares jump nearly 80 percent over the past year due to the global trade rebound, according to Forbes.

Real estate businessman Manuel Villar Jr. takes the third spot on the Philippines’ 50 Richest list, with his net worth increasing by $1.2 billion to $10.9 billion. Villar announced plans to open the first of two planned casino resorts in the Manila region by mid-2025, with an estimated investment of about $1 billion.

Andrew Tan, who chairs Alliance Global Inc., ranks 13th, down two positions from 2023, with an estimated $1.8 billion, down from $2.4 billion the previous year. Alliance Global invests in Travellers International Hotel Group Inc, the operator of the Newport World Resorts gaming complex near Manila International Airport.

Dennis Uy, ranked 41st with an estimated $305 million, dropped from 31st last year. His conglomerate, Udenna Corp, owns PH Resorts Group Holdings Inc, which controls the stalled Emerald Bay Resort Hotel and Casino project in Cebu.

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