The top spot on Forbes Asia’s 2024 “Philippines’ 50 Richest” list goes to the heirs of a sizable gambling enterprise. The wealthiest people in the Philippines today are the Sy siblings, who received their fortune from their father, Henry Sy Sr. At the age of 94, Henry Sy Sr., a trailblazer in the nation’s gaming and business sectors, departed from this life in 2019.
Sy Siblings Leading the Wealth Chart
Henry Sy Sr. played a pivotal role in building SM Investments Corporation, a massive conglomerate that includes City of Dreams Manila, the largest casino resort in the Philippines. This world-class resort, located in the heart of Manila, is operated by Melco through Melco Leisure, a Hong Kong-based company.
The Sy siblings are not just content with their current position at the top; they are looking to further expand their influence in the local gambling industry. With the Philippine Offshore Gaming Operations (POGO) facing challenges under President Bongbong Marcos and tighter restrictions on other forms of online gambling, the Sy family sees potential in expanding physical and land-based casino resorts.
This shift could open up new opportunities for growth, particularly in areas like the Clark Freeport Zone, allowing the Philippines to strengthen ties with China, its key trading partner. The absence of online gambling might even help to smooth over ongoing maritime disputes between the two nations.
Second on the Forbes list is Enrique Razon Jr., who leads International Container Terminal Services, the largest port operator in the country. Razon has also ventured into the gambling sector with Bloomberry Resorts, the company behind Solaire, another major casino resort in Entertainment City. Solaire and City of Dreams are fierce competitors in a market where land-based casino entry is expensive.
While some investors have turned their attention to South Korea, Japan, and even Thailand for new opportunities, the Sy siblings and Razon remain well-positioned in the regional market. However, they could face increased competition from the emerging premium casino markets in Thailand and Japan.
Despite the competition, the Sy siblings have seen their fortune dip slightly to $13 billion, down from $14.4 billion last year. In contrast, Razon’s wealth has grown to $11.1 billion. His company, Bloomberry Resorts, also holds a stake in Jeju Sun Hotel & Casino in South Korea, which might be up for sale, signaling Razon’s strategic long-term planning.
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