3 casino investors top Forbes Philippines’ 50 Richest list
The children of Henry Sy continue to top Forbes’ Philippines’ 50 Richest list, followed by Enrique Razon and Manuel Villar Jr.
The Philippines.- Forbes has released its Philippines’ 50 Richest list for this year. The children of Henry Sy, the tycoon who died in January 2019, continue to top the list although their fortune fell by US$1.4bn, to US$13bn. Their wealth is primarily derived from stakes in SM Investments Corp and SM Prime Holdings.
Enrique Razon takes the second spot. According to Forbes, he was the biggest dollar gainer for the second year in a row. His wealth rose to US$11.1bn, up US$3bn, making him the country’s second-richest person for the first time. His company, Bloomberry Resorts, operates the Solaire Resort and Casino in Manila’s Entertainment City. In third place is Manuel Villar, whose net worth increased by US$1.2bn to US$10.9bn.
Andrew Tan, the chairman of Alliance Global Group (AGI), is ranked 13th on Forbes’ list, down two places from 2023, with an estimated US$1.8bn. AGI is the parent company of Newport World Resorts. In 41st place is Dennis Uy, founder of Udenna Corp, a parent firm of PH Resorts Group Holdings, with US$305m in wealth.
SM Investments is planning to invest at least US$300m in a new casino resort in Clark, Pampanga. A source told Reuters that Premium Leisure Corp (PLC), a subsidiary of SM Investments unit Belle Corp., has already applied for the necessary licences for the complex.
In May, Bloomberry launched a new integrated resort (IR), Solaire Resort North, in Quezon City. The US$1bn development features 526 rooms and suites. The casino has 2,669 electronic gaming machines and 163 tables across four levels.
Villar has said last month that the first of his two planned IRs with casinos could open next year. The US$1bn IR on the redeveloped 18,000-square-meter Vista Mall Global South on C5 Extension in Las Piñas would be close to the Brittany Hotel Global South, formerly the Mella Hotel Manila, which is also owned by the Villar Group. Villar’s second IR would be located in Villar City, a project that will span 3,500 hectares and 15 satellite cities in Metro Manila and Cavite, each with its distinct purpose.
