Some of the Philippines’ wealthiest businesspeople have built part of their empires on gaming. According to Forbes Asia’s annual “50 Richest” list, several casino magnates rank among the nation’s Top 10.
For the first time, Bloomberg Resorts chairman Enrique Razon Jr. claims the No. 2 spot, displacing Manuel Villar. Former senator and business tycoon Villar, who ranked second last year, fell to third place.
Farther down the list: Lance Gokongwei, coming in at No. 11, and Dennis Uy, at No. 19.
Big bucks, despite flat economy
The Philippines’ economy grew 5.7% in Q1, down from 6.4% in 2023, due to inflation and higher borrowing costs. Per Forbes, “While the country’s benchmark stock market index gained 2% since fortunes were last measured, the peso fell 6.
“As a result, more than half of the country’s 50 richest are less wealthy this year.”
But no sad songs for this year’s 50 listees, who sit on a collective pile of ₱4.6tn (£62.2bn/€73bn/$80.5bn).
On the top of the heap: the Sy heirs, of SM Investments, with assets in retail, banking, and financial services. The six siblings have a combined net worth of ₱742bn, down from ₱822bn the year before.
Enrique Razon Jr.
Next comes Razon, whose Bloomberry Resorts Corp. calls itself “the Philippines’ winningest integrated resort (IR) developer.”
At 17, Razon quit school to work at his family’s cargo-loading company, earning minimum wage to start. He now commands a diversified conglomerate worth ₱633.6bn, up from ₱171.2bn in 2023, on the strength of his shipping enterprise. In the past year, shares of International Container Terminal Services rose almost 80% as global trade resumed.
Razon’s hospitality arm, Bloomberry Resorts, posted consolidated net income of ₧9.5bn in 2023, up 85% over 2022.
Bloomberry properties include Solaire Resort & Casino, a staple of Manila’s Entertainment City since 2013. The company’s new Solaire North opened in Quezon City, north of Manila, in May. Bloomberry is planning a third Philippine IR in Cavite City, and also operates the Jeju Sun resort in South Korea.
Manuel Villar
In third place on the list is Villar, a real estate mogul, former senate president and onetime presidential candidate.
The son of a fishmonger and a civil servant, Villar is known as “Mr. Hard Work and Perseverance.” In the mid-1970s, with a ₱10K loan, he bought two second-hand trucks to haul gravel and sand to construction sites.
Now he has a net worth of ₱622bn, up ₱57bn from the previous year. Villar is planning two IR developments worth a total ₱$1bn in Metro Manila and Las Pinas. Villar has not disclosed the name of either resort, but said in July that he expects the first one, in Metro Manila, to open as early as 2025.
Lance Gokongwei
Coming in at No. 11 is Lance Gokongwei, who got his start peddling Jack ‘n Jill ice cream snacks to supermarkets. He is now CEO of JG Summit, with interests in airlines, telecom, banking, power, and real estate. He and his siblings have a total net worth of ₱108.4bn.
On his Facebook page, Gokongwei has called tourism “a pillar of economic growth,” and “something we can all support.”
In May 2022, he opened the NUSTAR Resort & Casino on Cebu Island. NUSTAR was touted as the first upscale IR in the popular holiday destination.
Dennis Uy
At No. 19 on the list is Dennis Uy. A third-generation Chinese-Filipino, Uy grew up in Manila. As a boy, he worked as a supermarket maintenance worker, and read Dale Carnegie and Stephen Covey books for inspiration.
Today, Uy heads up Udenna Corp., with interests in fuel, shipping, real estate, education, and gaming. He is also the founder of Converge ICT Solutions, one of the Philippines’ largest operators of high-speed internet.
On the gaming front, Uy’s PH Resorts is the developer of a long-stalled casino complex in Cebu. The Emerald Bay Casino Resort was originally planned as a ₱17bn five-star IR. But development was delayed in the aftermath of Covid-19. The resort remains unfinished, and PH Resorts continues its search for a buyer.
But no GoFundMe page is needed for Uy. According to Forbes, he and his wife Maria share a combined net worth of ₱55.3bn.
State of the industry
In 2023, the Philippines generated a record-breaking ₱285bn in gross gaming revenue. The state-run regulator, the Philippine Amusement and Gaming Corp. (PAGCOR) predicts the industry will reach ₱336bn this year.
By one account, GGR for the sector could double by 2028, as tourists, including high-rolling Chinese, flood in.
Original article: https://igamingbusiness.com/people/filipino-casino-magnates-forbes-50-richest/
