Filipino billionaire picks partner for 2 new casinos in Manila

Manuel Villar is ranked second on Forbes’ Philippines’ 50 Richest 2023.
Manuel Villar is ranked second on Forbes’ Philippines’ 50 Richest 2023.

Manuel Villar plans to build two casinos in the Villar City development.

The Philippines.- Manuel Villar Jr, the second richest person in the Philippines, according to Forbes, is advancing with plans for two new casinos at the planned mixed-use Villar City development in Metro Manila.

With an investment of approximately US$1bn, Villar envisions integrated casino resorts as central features of the urban development. The first casino is planned for the 18,000-square-meter Vista Mall Global South, along the C5 extension in Las Piñas. Villar has entered into a collaboration with a South Korean partner who will oversee the casino operations.

The casinos will aim to attract both foreign high rollers and domestic players. Other plans include an amusement park, events, educational institutions, healthcare facilities and religious centres.

Villar City will span 3,500 hectares and 15 satellite cities, from Taguig to Tagaytay, each with its distinct purpose. There will be a central business district, a technology-focused area, a university hub and a lifestyle destination.

Casino investors retain positions in Forbes Philippines’ 50 Richest list

The children of Henry Sy, the tycoon who died in January 2019, continue to top the Forbes’ Philippines’ 50 Richest 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. Andrew Tan, the chairman of Alliance Global Inc, is ranked 11th on Forbes’ list, down one place from 2022

See also: Philippine GGR to double in five years

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