Casino Entrepreneurs Dominate Philippines’ Wealthiest List – Enrique Razon With a Net Worth of $11.1 Billion Climbs to 2nd Spot

Entrepreneurs involved in casino ventures have secured prominent positions in the list of the wealthiest individuals in the Philippines. According to a Thursday press release, Enrique Razon Jr., a notable figure in the ports and casino sectors, has climbed to the second spot for the first time.

Despite a $1.4 billion drop in their combined net worth, the Sy siblings, heirs to Henry Sy Sr.’s empire, maintain their position at the top of the “Philippines’ 50 Richest” with a fortune of $13.0 billion. Their wealth primarily comes from significant stakes in SM Investments Corp and SM Prime Holdings Inc., which are focused on shopping malls and real estate.

The Sy family’s involvement in the casino industry includes the City of Dreams Manila resort, developed in collaboration with Premium Leisure Corp, a subsidiary of their gaming and real estate firm Belle Corp. They are also exploring additional gaming investments within the country.

Enrique Razon, now the second richest, saw his net worth increase by $3.0 billion to $11.1 billion, marking him as the biggest dollar gainer for the second consecutive year. His company, Bloomberry Resorts Corp, operates the Solaire Resort and Casino in Manila’s Entertainment City and recently launched Solaire Resort North in Quezon City. Additionally, shares of his firm, International Container Terminal Services, surged nearly 80% over the past year, benefiting from a global trade rebound.

In third place is real estate tycoon Manuel Villar Jr., whose net worth grew by $1.2 billion to $10.9 billion. He recently announced plans to open the first of two casino resorts in the Manila area by mid-2025, with an estimated investment of $1 billion.

Andrew Tan, chairman of Alliance Global Inc., holds the 13th spot with a net worth of $1.8 billion, down from $2.4 billion the previous year. Alliance Global is a stakeholder in Travellers International Hotel Group Inc., which operates the Newport World Resorts complex near Manila International Airport.

Dennis Uy, ranked 41st with an estimated $305 million, dropped from 31st last year. His conglomerate Udenna Corp oversees PH Resorts Group Holdings Inc, the developer behind the stalled Emerald Bay Resort Hotel and Casino project in Cebu.

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