Forbes 2024: The richest change in the Philippines with Casino Tycoon topping the list
In Forbes' latest annual tally, several figures in the gaming industry are on the list of the 50 richest people in the Philippines, with Enrique K. Rajon Jr., the chairman and CEO of Bloombury Resort currently in second place. Rajon's net worth has soared by about $3 billion over the past year, pushing him to a whopping $11.1 billion, largely thanks to his powerful shipping venture International Container Terminal Services, which saw the stock increase by nearly 80 percent.
Casino and Real Estate Tycoon Are Big Profits:
According to GGRAsia, Rajon's recent expansion in the casino sector, including the opening of a new Soler Resort North in Quezon City, is adding to his real interest in various industries such as real estate and utilities. Right behind him is another real estate giant, Manuel Villar, whose $1.2 billion increase in wealth is pegged at $10.9 billion. Villar has unveiled his ambition to open two new integrated casino resorts in Manila in the coming years, which is expected to further expand his portfolio.
Other notable figures include Lance Gokongway and his siblings, Andrew Tan, who has a $1.9 billion fortune in a significant stake in Universal Hotels and Resorts Inc. and is valued at $1.8 billion to become the founder of Alliance Global Group, which invests in Newport World Resorts.
According to a report by Inside Asian Gaming, even though the Sy family remained atop with $13 billion in total wealth, they experienced a decline from $14.4 billion a year earlier. Their wealth came primarily from major companies in retail and real estate, SM Investments Corp. and SM Prime Holdings Inc. In addition, it has been working with Melco Resorts & Entertainment Ltd. to highlight its continued interest in expanding its gaming holdings in partnership with City of Dreams Manila.
Forbes noted that the cumulative wealth of listed elites was little changed year-over-year, reaching about $80.8 billion. This stability comes amid a range of economic challenges and reflects the important role the gaming sector plays in the dynamics within the Philippines.
Strategic Investments and Future Prospects:
Mr. Rajon is known as one of the biggest consistently grossing dollars, and has strategically expanded his influence in the gaming industry, particularly at Soler Resorts and Casino and the newly launched Soler Resorts North. His business savvy is evident as he capitalizes on a rebound in global trade that has significantly boosted his flagship international container terminal service. 안전한 카지노사이트
Going forward, Manuel Villar Jr. plans to further strengthen his influence in gaming, with an estimated $1 billion investment aimed at opening the first of its planned resorts by mid-2025. Meanwhile, in the list below, Dennis Uy has seen his position decline despite continuing to push for the gaming and services business.
These changes highlight the dynamic nature of wealth and investment in the Philippines, and casino and real estate investments continue to play a pivotal role in shaping the financial landscape of the wealthiest individuals in the country.