Casino investors retain positions in Forbes Philippines’ 50 Richest list
The children of Henry Sy continue to top Forbes’ Philippines’ 50 Richest list.
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. Their wealth is primarily derived from stakes in SM Investments Corp and SM Prime Holdings, with shares in the former having risen 19 per cent due to the rebound in consumer spending.
Enrique Razon remains at number three on the list. His fortune rose US$2.5bn to US$8.1bn in the last year. His company, Bloomberry Resorts, operates the Solaire Resort and Casino in Manila’s Entertainment City, which has recently posted a gross gaming revenue of PHP15.11bn (US$268m) for the second quarter. The company posted a net profit of PHP3.43bn (US$61m).
Andrew Tan, the chairman of Alliance Global Inc, is ranked 11th on Forbes’ list, down one place from 2022. Alliance Global Inc is an investor in Travellers International Hotel Group Inc, operator of Resorts World Manila that has recently changed its name to Newport World Resorts (NWR).
In 31st place is Dennis Uy, founder of Udenna Corp, a parent firm of PH Resorts Group Holdings, with US$440m in wealth.
See also: PH Resorts in talks with investors about Emerald Bay
