According to Forbes Asia’s annual 50 Richest list, many casino magnates are among the wealthiest Filipinos.
Some of the Philippines’ biggest businesses have built their empires around gaming. According to Forbes Asia’s annual “50 Richest” list, numerous casino magnates are among the country’s top ten.
For the first time, Bloomberg Resorts chairman Enrique Razon Jr. takes second place, replacing Manuel Villar. Former senator and business magnate Villar, who finished second last year, dropped to third place.
Lance Gokongwei and Dennis Uy ranked 11th and 19th, respectively.
The Philippines’ GDP increased 5.7% in the first quarter, down from 6.4% in 2023, due to inflation and higher borrowing rates. According to Forbes, “While the country’s benchmark stock market index rose 2% since fortunes were last measured, the peso fell 6%.”
“As a result, more than half of the country’s 50 richest are less wealthy this year.”
This year’s 50 listees had a total wealth of ₱4.6 trillion (£62.2 billion/€73 billion/$80.5 billion).
On top of the stack are the Sy heirs of SM Investments, which have holdings in retail, banking, and financial services. The six siblings have a collective net worth of ₱742 billion, down from ₱822 billion the previous year.
1. Enrique Razon Jr.
Razon is followed by Bloomberry Resorts Corp., which bills itself as “the Philippines’ winningest integrated resort (IR) developer”.
Razon dropped out of school aged 17 to work for his family’s cargo-loading enterprise, initially receiving the minimum wage. His shipping business has helped him build a diverse conglomerate worth ₱633.6 billion, up from ₱171.2 billion in 2023. As global trade restarted, International Container Terminal Services’ stock price increased by about 80% over the last year.
Bloomberry Resorts, Razon’s hospitality subsidiary, reported a consolidated net income of ₧9.5 billion in 2023, up 85% from 2022.
Bloomberry properties include the Solaire Resort & Casino, which has been a staple of Manila’s Entertainment City since 2013. In May, the company inaugurated its new Solaire North location in Quezon City, north of Manila. Bloomberry is constructing a third Philippine IR in Cavite City and also runs the Jeju Sun resort in South Korea.
2. Manuel Villar
Villar, a real estate billionaire, former senator, and presidential candidate, ranks third on the list.
Villar, the son of a fishmonger and a public worker, is also known as “Mr Hard Work and Perseverance.” In the mid-1970s, with a ₱10,000 loan, he bought two used trucks to haul gravel and sand to construction sites.
He now has a net worth of ₱622 billion, an increase of ₱57 billion from last year. Villar plans two IR developments costing ₱$1 billion in Metro Manila and Las Pinas. Villar plans to develop the first resort in Metro Manila by 2025, but has not revealed its name.
3. Lance Gokongwei
Lance Gokongwei, who began selling Jack ‘n Jill ice cream bites in supermarkets, ranks 11th. He is now the CEO of JG Summit, which has interests in aviation, telecommunications, finance, power, and real estate. He and his siblings have a combined net worth of ₱108.4 billion.
Gokongwei describes tourism as “a pillar of economic growth” and “something we can all support” on Facebook.
In May 2022, he opened NUSTAR Resort & Casino on Cebu Island. NUSTAR was advertised as the first upscale IR in the renowned vacation spot.
4. Dennis Uy
Dennis Uy ranks 19th on the list. Uy is a third-generation Chinese-Filipino who grew up in Manila. As a child, he worked as a supermarket maintenance worker and found inspiration in Dale Carnegie and Stephen Covey’s works.
Today, Uy leads Udenna Corp, which has holdings in gasoline, shipping, real estate, education, and gaming. He founded Converge ICT Solutions, one of the major high-speed internet operators in the Philippines.
In the gaming industry, Uy’s PH Resorts is the developer of a long-stalled casino complex in Cebu. The Emerald Bay Casino Resort was originally envisioned as a ₱17 billion five-star IR. However, Covid-19 caused a delay in development. The resort remains unfinished, and PH Resorts is looking for a buyer.
But no GoFundMe page is required for Uy. According to Forbes, he and his wife Maria have a net worth of ₱55.3 billion.
iGaming magnate
Eusebio Tanco, No. 22, has been regarded as a “renaissance man” who enjoys the multiplicity of economic opportunities. Tanco’s 40 companies operate in a variety of areas, including education, utilities, shipping, real estate, financial services, and gambling.
In the past year, his wealth climbed 35% to ₱46 billion, largely due to his online gaming firm, DigiPlus Interactive. DigiPlus’ net income increased by 377% to ₱P5.2 billion in the first half of 2024, up from ₱1.1 billion the previous year. President Ferdinand Marcos Jr.’s recent prohibition on POGOs is likely to benefit DigiPlus rather than harm it.
In 2023, the Philippines achieved a record-breaking ₱285 billion in gross gaming income. The Philippine Amusement and Gaming Corp (Pagcor), a state-run regulator, forecasts the industry will generate ₱336 billion this year.
According to one estimate, the sector’s GGR might treble by 2028 due to increased tourism, particularly from wealthy Chinese visitors.