Entrepreneurs with significant casino holdings now dominate the top three spots on Forbes’ 2024 list of the Philippines’ wealthiest individuals.
In a notable shift, Enrique Razon Jr., widely known for his leadership in both ports and casinos, claimed the second spot for the very first time. Forbes officially announced the rankings through a press release issued on Thursday.
At the very top, the Sy siblings retained their lead on the “Philippines’ 50 Richest” list. Despite a $1.4 billion drop in collective wealth, they held their position firmly. Forbes reported that their current net worth now totals $13.0 billion.
Their fortune primarily comes from large stakes in SM Investments Corp. and SM Prime Holdings Inc. These companies focus on two major industries: shopping malls and real estate development.
Additionally, the Sy family controls Belle Corp., a firm whose unit, Premium Leisure Corp., partnered in developing the City of Dreams Manila. Melco Resorts & Entertainment Ltd. operates the casino resort. Furthermore, the group continues to explore new gaming investment opportunities across the country.
Meanwhile, Enrique Razon Jr. posted the largest dollar gain for the second year in a row. His fortune rose by $3.0 billion, bringing his net worth to an impressive $11.1 billion.
Razon’s company, Bloomberry Resorts Corp., developed and now operates Solaire Resort and Casino in Manila’s Entertainment City. Recently, he also launched Solaire Resort North, a brand-new casino destination located in Quezon City.
Razon chairs International Container Terminal Services Inc., a company that saw major gains from a strong rebound in global trade. According to Forbes, the firm’s shares surged by nearly 80% over the past year.
Real estate magnate Manuel Villar Jr. secured the third spot on Forbes’ list. His net worth jumped by $1.2 billion, reaching a total of $10.9 billion.
Villar announced plans to open the first of two planned casino resorts in the Manila region by mid-2025. He estimated the total investment for the twin projects at around $1 billion.
Further down the list, Andrew Tan, who chairs Alliance Global Inc., ranked 13th, dropping two positions from last year. His estimated net worth declined from $2.4 billion to $1.8 billion.
His group holds a stake in Travellers International Hotel Group Inc., the operator of Newport World Resorts, which is located near Manila International Airport.
Lastly, Dennis Uy ranked 41st, holding an estimated net worth of $305 million. He slipped from the 31st spot last year.
His company, Udenna Corp., owns PH Resorts Group Holdings Inc., which controls the stalled Emerald Bay Resort Hotel and Casino project located in Cebu.
With these rankings, casino-linked businesses continue to play a major role in shaping the country’s ultra-wealthy class. As gaming, real estate, and infrastructure continue to overlap, they remain powerful generators of wealth among the Philippines’ financial elite.
