Filipino casino investors dominate top spots on the Forbes richest people list.

The latest Forbes list shows the rapidly increasing net worth of individuals in the Philippines, especially those with casino investments. Notably, three of the richest people have direct ties to the casino sector.

At the top of the list are the Sy siblings, who have a net worth of $14.4 billion. They inherited their fortune from the late Henry Sy Sr. and held large interests in SM Investments Corp and SM Prime Holdings Inc. These companies are each focused on shopping malls and real estate development. The family’s connection to gambling dates back to their partnership at the City of Dreams Manila casino resort. The resort’s operations resulted in Belle Corp, a company controlled by the Sy family, reporting a 28% increase in casino revenue from its stake in City of Dreams Manila in the first half of 2023.

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Enrique Razon Jr. is third on the list with a net worth of $8.1 billion. As the founder of Bloomberry Resorts Corp, he is behind the Solaire Resort and Casino in Manila. Razon’s net worth rose on a 24 percent rise in International Container Terminal Services’ stock price. “Thanks to the sustained improvement in supply chains,” noted Forbes. His company, Bloomberry, recently announced second-quarter 2023 net income of nearly PHP3.43 billion (US$61.0 million), up 15.1% sequentially.

As the country welcomed foreign tourists after the Covid-19 lockdowns, industry experts noted a boost in the domestic casino market.

Alliance Global Inc. CEO Andrew Tan ranked 11th on the Forbes list with a net worth of $2.4 billion, in line with the previous year. His company has a stake in Travelers International Hotel Group Inc., which operates the gaming complex near Manila International Airport.

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Further down the list at number 31 with a net worth of $440 million is Dennis Uy. Despite down from last year’s 24th place, Uy, who made his name in the gas and oil business, remains a notable figure in the games industry. His conglomerate Udenna Corp is behind PH Resorts Group Holdings Inc. This company is currently working at the Emerald Bay Resort Hotel and Casino in Cebu.

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