The latest Forbes list reveals the soaring net worth of individuals in the Philippines, particularly among those with casino investments. Notably, three of the top richest people have direct ties to the casino sector.
Topping the list are the Sy siblings, with a net worth of US$14.4 billion. They inherited their fortune from the late Henry Sy Sr, with major holdings in SM Investments Corp and SM Prime Holdings Inc. These firms focus on shopping malls and real estate development, respectively. The family’s association with gaming goes back to their partnership in City of Dreams Manila casino resort. The resort’s operations saw Belle Corp, a company under the Sy family’s control, register a 28% rise in its first half of 2023 casino revenues from its City of Dreams Manila stake.
Enrique Razon Jr ranks third on the list with a net worth of US$8.1 billion. As the founder of Bloomberry Resorts Corp, he’s behind the Solaire Resort and Casino in Manila. Razon’s net worth surged due to a 24% share price hike in International Container Terminal Services. “Thanks to sustained improvement in supply chains,” Forbes noted. His firm, Bloomberry, recently disclosed a Q2 2023 net income of nearly PHP3.43 billion (US$61.0 million), marking a 15.1% increase from the previous quarter.
As the country welcomed foreign tourists post-Covid-19 lockdowns, industry experts have noticed an upswing in the domestic casino market.
Alliance Global Inc’s chairman, Andrew Tan, took the 11th spot on Forbes’ list with a net worth of US$2.4 billion, consistent with the previous year. His firm has investments in Travellers International Hotel Group Inc, which operates the gaming complex near Manila International Airport.
Further down the list, at 31st position with a net worth of US$440 million, is Dennis Uy. Despite a drop from 24th last year, Uy, who earned his worth in the gasoline and oil business, remains a notable figure in the gaming industry. His conglomerate, Udenna Corp, is behind PH Resorts Group Holdings Inc. This firm is currently working on the Emerald Bay Resort Hotel and Casino in Cebu.
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