Some of the Philippines’ richest businessmen have built part of their empire on gambling, with several casino magnates ranking among the country’s top 10, according to Forbes Asia’s annual “50 Richest” list.

For the first time, Bloomberg Resorts Chairman Enrique Razon Jr. takes second place, displacing Manuel Villar. Former senator and business tycoon Villar, who took second place last year, dropped to third place.

Further down the list: Lance Gokongwei at number 11 and Dennis Uy at number 19.

Lots of money despite stagnating economy

Due to inflation and higher borrowing costs, the Philippine economy grew 5.7% in the first quarter, compared to 6.4% in 2023. According to Forbes, “while the country’s benchmark index rose 2% since the last wealth measurement, the peso fell 6%.

“The result is that more than half of the 50 richest people in the country are less wealthy this year.”

But there are no sad songs for this year’s 50 places on the list, which together sit on a mountain of 4.6 trillion rupees (62.2 billion pounds, 73 billion euros and 80.5 billion dollars).

At the top: the Sy heirs of SM Investments, with assets in retail, banking and financial services. The six siblings have a combined net worth of ₱742 billion, up from ₱822 billion last year.

Enrique Razon Jr.

Next comes Razon, whose Bloomberry Resorts Corp. describes itself as “the most successful integrated resort (IR) developer in the Philippines.”

At 17, Razon left school to work in his family’s cargo-loading company, where he initially earned the minimum wage. Thanks to his shipping business, he now owns a diversified conglomerate worth Rs 633.6 billion (2023: Rs 171.2 billion). Last year, shares in International Container Terminal Services rose nearly 80% as global trade resumed.

Razon’s hospitality arm Bloomberry Resorts reported a consolidated net profit of ₧9.5 billion in 2023, up 85% from 2022.

Bloomberry’s properties include Solaire Resort & Casino, a fixture in Manila’s Entertainment City since 2013. The company’s new Solaire North opened in May in Quezon City, north of Manila. Bloomberry is planning a third IR in the Philippines in Cavite City and also operates Jeju Sun Resort in South Korea.

Manuel Villar

Third on the list is Villar, a real estate mogul, former Senate president and one-time presidential candidate.

Villar, the son of a fishmonger and a civil servant, is known as the “man of hard work and perseverance.” In the mid-1970s, he bought two used trucks with a loan of Rs 10,000 to transport gravel and sand to construction sites.

Now he has a net worth of ₱622 billion, up ₱57 billion from last year. Villar is planning two IR projects worth a total of ₱1 billion in Metro Manila and Las Pinas. Villar has not disclosed the name of the two resorts, but said in July that he expects the first one in Metro Manila to open as early as 2025.

Lance Gokongwei

Coming in at number 11 is Lance Gokongwei, who started his career selling Jack ‘n Jill ice cream snacks to supermarkets. He is now CEO of JG Summit, with interests in airlines, telecommunications, banking, energy and real estate. He and his siblings have a combined net worth of Rp 108.4 billion.

On his Facebook page, Gokongwei described tourism as “a pillar of economic growth” and “something we can all support.”

In May 2022, he opened the NUSTAR Resort & Casino on the island of Cebu. NUSTAR was touted as the first upscale IR in the popular vacation destination.

Dennis Uy

At number 19 on the list is Dennis Uy. Uy is a third-generation Chinese-Filipino who grew up in Manila. As a boy, he worked as a maintenance worker at a supermarket and read books by Dale Carnegie and Stephen Covey for inspiration.

Today, Uy heads Udenna Corp., which has interests in fuel, shipping, real estate, education and gaming. He is also the founder of Converge ICT Solutions, one of the Philippines’ largest high-speed internet operators.

In the gaming space, Uys PH Resorts is the developer of a long-stalled casino complex in Cebu. The Emerald Bay Casino Resort was originally planned as a Rp17 billion five-star IR, but development was delayed as a result of Covid-19. The resort is still not completed and PH Resorts is still looking for a buyer.

But Uy doesn’t need a GoFundMe page. According to Forbes, he and his wife Maria have a combined net worth of ₱55.3 billion.

State of the industry

In 2023, the Philippines generated a record-breaking gross revenue of Rp 285 billion. State regulator Philippine Amusement and Gaming Corp. (PAGCOR) predicts the industry will reach Rp 336 billion this year.

According to one estimate, the sector’s gross revenue could double by 2028 due to large numbers of tourists, including wealthy Chinese.