In the latest annual compilation by Forbes, several figures from the gaming industry have made significant moves on the list of the Philippines’ 50 Richest, with Enrique K. Razon Jr., Chairman and CEO of Bloomberry Resorts Corp, now ranked second. Razon’s net worth surged by approximately US$3 billion over the past year, elevating him to a staggering US$11.1 billion, largely due to his robust shipping venture, International Container Terminal Services, which saw nearly an 80% increase in shares.
Casino and real estate Tycoons see big gains:
According to GGRAsia, Razon’s recent expansion in the casino sector, including the opening of his new Solaire Resort North in Quezon City, adds to his substantial interests in various industries like real estate and utilities. Close behind him is Manuel Villar, another property giant, positioned third with a fortune now pegged at US$10.9 billion after a US$1.2 billion increase. Villar has disclosed ambitions to launch two new integrated casino resorts in Manila in the coming years, which are expected to boost his portfolio further.
Other notable figures include Lance Gokongwei and his siblings, holding a combined fortune of US$1.9 billion with significant stakes in Universal Hotels and Resorts Inc., and Andrew Tan, whose wealth is valued at US$1.8 billion, making him the founder of Alliance Global Group which invests in Newport World Resorts.
As Inside Asian Gaming reports, despite the Sy family maintaining the top spot with a US$13 billion collective fortune, they experienced a decline from the previous year’s US$14.4 billion. Their wealth primarily stems from SM Investments Corp and SM Prime Holdings Inc, major players in the retail and real estate sectors. Additionally, their involvement with the City of Dreams Manila, in partnership with Melco Resorts & Entertainment Ltd, underscores their ongoing interest in expanding their gaming holdings.
Forbes noted that the cumulative wealth of the elite listed was nearly unchanged year-on-year, standing at around US$80.8 billion. This stability comes amid various economic challenges and reflects the significant role that the gaming sector plays in the wealth dynamics within the Philippines.
Strategic investments and future prospects:
Mr. Razon, consistently recognized as one of the biggest dollar gainers, has strategically expanded his influence in the gaming industry, most notably with the Solaire Resort and Casino, and the newly launched Solaire Resort North. His business acumen is evident as he capitalizes on the global trade rebound, which significantly boosted his primary business, International Container Terminal Services.
Looking ahead, Manuel Villar Jr. plans to further his influence in the gaming sector with a projected investment of about US$1 billion, aiming to open the first of his planned resorts by mid-2025. Meanwhile, lower down the list, Dennis Uy’s position slipped despite continuing to push forward with his gaming and hospitality ventures.
These shifts highlight the dynamic nature of wealth and investment in the Philippines, with casino and real estate investments continuing to be pivotal in shaping the financial landscapes of the nation’s wealthiest individuals.
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