The 2024 Forbes list of the richest people in the Philippines clearly shows the new trends in the Philippine economy. a notable change in this ranking is the rise of the casino and entertainment industries.
The previous rich list, which was focused on real estate and retail, is now led by casino tycoons who made their fortunes through the gaming industry. This change is interpreted as an important indicator reflecting the potential of the gaming industry along with the restructuring of the Philippine economy.
1. Enrique Razon's Injury and the Impact on the Casino Industry
Enrique Razon Jr. is the second richest person in the Philippines in 2024, with a net worth of $1.11 billion, according to Forbes. His net worth increased by $3 billion from the previous year, thanks to the success of Bloomberry Resorts. Razon’s successful business expansion has played a significant role in the Philippines’ entertainment and tourism industry, particularly Solaire Resort & Casino in Manila and Solaire North in Quezon City, which are the mainstays of his resort chain.
Bloomberry Resorts is expanding its casino business not only in the Philippines but also in Jeju Island, South Korea . In the future, Bloomberry plans to explore more diverse markets with the Solaire Puerto Azul project, which is scheduled to open in 2028. This expansion will make a significant contribution to making the Philippines a leading casino hub in Asia.
2. Competition between casinos and real estate moguls
Traditionally at the top of the Philippines’ wealth list , Manuel Villar and the Sy family still wield influence, but the rise of the casino industry is threatening their position. The Sy family, which has expanded into various sectors including real estate, retail and banking through SM Group , saw a slight decline in its net worth this year , falling from $1.44 billion to $1.3 billion .
Villa still has assets worth 6.2 billion pesos and is pursuing large-scale real estate development projects. However, the influence of real estate tycoons is relatively diminishing due to the development of the casino industry. Also, the economic landscape is changing as luxury integrated resorts such as the newly opened NUSTAR Resort & Casino in Cebu are joining the list of new rich people.
3. Economic ripple effects of the casino industry
The casino industry in the Philippines is not just a source of wealth, but it has a significant impact on the national economy. According to PAGCOR , casino and integrated resort developments are creating thousands of jobs and boosting the local economy. In addition to Manila’s Entertainment City, areas such as Clark, Boracay, and the upcoming Cavite are emerging as centers of this economic growth.
The government is also pursuing policy reforms such as the privatization of public enterprises, fueled by the growth of the casino industry and the electronic gaming sector. These changes are expected to contribute to the Philippines' position as a major tourism and gaming hub in Asia.
4. Harmony between the gaming industry and the local economy
The expansion of casinos and integrated resorts is not just increasing the wealth of wealthy tycoons, but also contributing to the development of local communities . For example, the development of Solaire Puerto Azul will improve Cavite’s tourism infrastructure and provide new employment opportunities for local residents. These projects go beyond short-term economic growth and present a model for sustainable development .
The new landscape of the Philippine economy
The 2024 Forbes Rich List clearly shows the changes in the Philippine economy and the restructuring of industries. In an economy centered on real estate and retail, casinos and gaming industries are emerging as the new mainstream, with casino tycoons like Enrique Razon at the center of it. This change will play a key role in the Philippines’ growth as one of the most prominent tourism and entertainment hubs in Asia.
Comments