Casino Tycoons Dominate Forbes’ 2024 Rich List in the Philippines
Posted on: August 8, 2024, 03:01h.
Last updated on: August 8, 2024, 03:11h.
In a striking affirmation of the Philippines’ burgeoning gaming industry, casino owners have once again claimed the top spots on Forbes’ 2024 list of the richest Filipinos. The annual unveiling of the “Philippines’ 50 Richest” list has revealed that the Sy siblings and Enrique Razon Jr. continue to dominate the wealth rankings, showcasing the significant financial clout of the gaming sector in the country.
The Sy Family: A Legacy of Wealth
For over two decades, the Sy siblings have held the title of the richest family in the Philippines, and 2024 is no exception. With an estimated net worth of $13 billion, the heirs to the SM Investments Corporation have solidified their position at the top of the list. The Sy family’s wealth stems from a diverse conglomerate that spans banking, real estate, retail, and energy sectors. Notably, their portfolio includes the City of Dreams Manila, a luxurious integrated resort casino operated by Hong Kong-based Melco Resorts.
The Sy family’s influence extends beyond mere ownership; they are pivotal players in the Philippines’ gaming landscape. Their company, Belle Corporation, serves as the landlord for City of Dreams, which is strategically located in Manila’s Entertainment City. Despite a decline of $1.4 billion from the previous year, the Sy family’s fortune remains robust, and they are reportedly exploring further investments in the gaming industry, particularly in the Clark Freeport Zone.
Enrique Razon Jr.: The Rising Star
Following closely behind the Sy family is Enrique Razon Jr., who has ascended to the second richest Filipino with a net worth of approximately $11.1 billion. Razon’s wealth is primarily derived from his International Container Terminal Services, the largest port operator in the Philippines. However, his significant stake in Bloomberry Resorts, which owns and operates the Solaire Resort & Casino in Entertainment City, has also contributed to his financial success.
Razon’s Bloomberry has been expanding its footprint in the Manila gaming scene, recently launching Solaire North, a $1 billion development in Quezon City. Unlike the Sy family’s wealth, Razon’s fortune has seen a remarkable upward trajectory, increasing from $3.4 billion in 2020 to $11.1 billion in 2024. This growth underscores the potential of the gaming industry in the Philippines, as Razon continues to capitalize on lucrative opportunities.
Manuel Villar: A New Player in Gaming
In third place is Manuel Villar, with a net worth of $10.9 billion. Villar has made his mark primarily in real estate, focusing on mass housing developments. However, whispers of his interest in the gaming sector have circulated for some time. In late 2022, reports emerged that Villar was considering transforming his Global South shopping complex in Metro Manila into an integrated resort casino, with plans to open as early as mid-2025.
Villar’s potential entry into the gaming market could reshape the competitive landscape, as he aims to leverage his real estate expertise to create a successful casino venture.
Other Notable Figures in the Gaming Sector
The influence of the gaming industry on the wealth rankings extends beyond the top three. Andrew Tan, ranked No. 13 with a net worth of $1.8 billion, is another significant player in the casino space. His Alliance Global conglomerate is the landlord of Newport World Resorts (formerly Resorts World Manila), which operates through its subsidiary, Travellers International Hotel Group, Inc.
At No. 41, Dennis Uy finds himself in a precarious position with a net worth of $305 million, a stark decline from the $810 million estimated in 2022. Uy, who inherited wealth from his father’s oil empire, has ventured into gaming and resort development but has faced challenges. His unfinished Emerald Bay casino resort in Cebu remains a focal point of his ambitions, though the project has yet to yield the expected returns.
The Bigger Picture
According to Forbes Asia, the combined wealth of the 50 richest Filipinos has seen a modest increase, climbing from $80.4 billion to $80.8 billion year-over-year. This growth reflects not only the resilience of the wealthiest individuals in the Philippines but also the ongoing expansion of the gaming industry, which continues to attract investment and interest from both local and international players.
As the landscape of wealth in the Philippines evolves, the prominence of casino owners highlights the significant role that the gaming sector plays in shaping the financial fortunes of the nation’s elite. The future promises further developments, especially as more players consider entering this lucrative market.