A number of businesspeople with casino interests made this year’s “Philippines’ 50 Richest” list, compiled by Forbes magazine. Several of those entrepreneurs ranked in the Top 10, according to GGRAsia.
At No. 1 on the list, with a total net worth of US$16.6 billion, are six children of the late casino tycoon Henry Sy: Teresita, Elizabeth, Henry Jr, Hans, Herbert, and Harley. The family-founded Belle Corp. is an investor in City of Dreams Manila, a resort in the capital city’s Entertainment City casino zone. That venue that is managed by a unit of casino group Melco Resorts & Entertainment.
Enrique Razon remained in third place again this year with a net worth of US$5.8 billion, down from US$4.3 billion previously. Razon is head of Bloomberry Resorts Corp, which developed and operates the Solaire Resort and Casino, also in Entertainment City. Razon’s family made its fortune in port operations, and he now runs International Container Terminal Services, said to be the country’s leading cargo terminal operator.
Andrew Tan, who came in eighth, is head of the Alliance Global Group, a partner of Hong Kong-listed cruise ship operator Genting Hong Kong Ltd. Together the two entities control the Travellers International Hotel Group, which operates Resorts World Manila. Tan plans to revive a long-dormant casino project for the island of Boracay, since President Rodrigo Duterte lifted the ban on casinos there. A Tan subsidiary is also involved in the development of a casino resort at Westside City, Manila, another venue in the Entertainment City zone. The project additionally involves Hong Kong-listed Suncity Group Holdings, the latter controlled by Macau casino junket boss Alvin Chau Cheok Wa.
Bringing up the rear at No. 27 on this year’s list: Dennis Uy, founder of the Udenna Corp., a conglomerate with interests in petroleum, oil and gas, shipping, real estate and education. According to IAG, it’s also developing a gaming business through its PH Resorts Group Holdings unit. PH Resorts expects Phase 1 of its upcoming Emerald Bay casino resort at Mactan, Cebu to be completed “in the third quarter of 2022.” Uy is the poor cousin of this group, with an estimated net worth of US$710 million.
