Casino investors top Forbes Philippines’ 50 Richest list

Casino-related entrepreneurs take two of the top three spots in the list of the wealthiest people in the Philippines, while another name makes the top 10.

The Philippines.- Forbes has released its latest Philippines’ 50 Richest list with two casino entrepreneurs on the podium and a third in the top 10. The six children of Henry Sy, the tycoon who died in January 2019, continue to top the list. However, their combined net worth fell by US$4bn to US$12.6bn, the biggest drop in dollar terms.

Belle Corp, a gaming and real estate entity controlled by the Sy family, has recently reported that casino revenue was up 20.5 per cent year-on-year from PHP805.5m to PHP970.6m (US$17.5m) in the first half of the year. The company reported revenue of PHP2.82bn, up 60.7 per cent when compared to the first half of 2021.

Enrique Razon remains at number three in the list, although his net worth is down slightly, to US$5.6bn. Razon chairs the casino operator Bloomberry Resorts Corporation, which operates the Solaire Resort and Casino in Entertainment City, Manila. 

Bloomberry has recently reported that gross gaming revenue for Q2 was up 131 per cent year-on-year from PHP5.7bn to PHP13.1bn (US$235m). The figure was also up 47 per cent quarter-on-quarter.

A few weeks ago, Bloomberry held a formal topping-off ceremony at its Solaire North integrated resort in Vertis, Quezon City and confirmed plans for a Q4 2023 opening. In April, Enrique Razon Jr had said he expected to open the integrated resort in the second half of next year. The company is now specifying that the opening will be in the final quarter.

Andrew Tan, the chairman of Alliance Global Inc, is ranked 10th on Forbes’ list, down two places from 2021. He has an estimated net worth of US$2.4bn. 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 24th position, up three spots from last year, is Dennis Uy, founder of Udenna Corp, a parent firm of PH Resorts Group Holdings. He has an estimated net worth of US$810bn. 

In March, PH Resorts reported that its loss in the period ended March 31 widened to PHP109.1m (US$2m) from PHP80.9m (US$1.5m) in the previous quarter. It generated no revenue in Q1, owing to Covid-19 restrictions being in throughout Q1 2022.

The firm is currently developing the Emerald Bay integrated resort in Cebu, which is due to open its first phase in early 2023.