Southeast Asia’s casino industry is thriving, and Forbes Asia’s latest rankings reflect this boom, placing the country’s casino owners among the wealthiest individuals in the Philippines. According to the “Philippines’ 50 Richest” list released by Forbes Asia, the top spot is held by the heirs of a powerful gambling and business empire—the Sy siblings. They inherited their fortune from their father, Henry Sy Sr., a pioneer in the Philippine gambling and casino industry who passed away in 2019 at the age of 94.
Gambling moguls lead the wealth rankings in 2024
Henry Sy Sr. was instrumental in building SM Investments Corporation, a vast conglomerate that includes City of Dreams Manila, the largest casino resort in the country, located in the capital. The City of Dreams is operated by Melco through its subsidiary, Melco Leisure, a Hong Kong-based company.
The Sy siblings not only top the list of the richest people in the Philippines, but they are also planning to further expand their footprint in the local gambling industry. With the Philippine Offshore Gaming Operations facing challenges under President Bongbong Marcos and other forms of online gambling becoming increasingly restricted, expansion in the physical gambling sector seems highly likely.
This shift could open up new opportunities for growth in areas like the Clark Freeport Zone, potentially leading to the development of additional land-based gambling resorts. The decline of online gambling could also improve relations with China, the Philippines’ most significant trading partner, as the two nations continue to navigate offshore territorial disputes.
Enrique Razon Jr., the second-richest person on the Philippines’ 50 Richest list, is another major player in the gambling industry. Razon is the head of International Container Terminal Services, the largest port operator in the Philippines, and has also ventured into the gambling sector with Bloomberry Resorts. Bloomberry is the operator behind Solaire, a leading casino in Entertainment City and a direct competitor to City of Dreams.
The future of gambling expansion in Southeast Asia
As the Sy siblings and Razon continue to dominate the local gambling scene, regional developments in countries like South Korea, Japan, and Thailand could present new challenges. Thailand is moving towards introducing its own land-based casino resorts, and with the increasing focus on premium gambling experiences in Japan, competition in the region could intensify.
Despite these potential challenges, the Sy siblings and Razon remain well-insulated from local competition, supported by their diversified business interests. However, the Sy siblings’ wealth has decreased slightly to $13 billion, down from $14.4 billion last year, while Razon’s fortune has grown steadily to $11.1 billion.
Razon appears to be positioning himself for long-term success, with Bloomberry Resorts also holding a stake in Jeju Sun Hotel & Casino, a property that the company might consider selling. As the regional gambling landscape evolves, these Philippine moguls are likely to continue playing a significant role in shaping the industry’s future.
