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Enrique Razon Jr. remains top figure among other tycoons in Filipino casino industry

March 13, 2024 Philippines Casino & HotelIndustry Updates

Enrique Razon Jr. continues to have a greater degree of influence than other casino magnates in the Filipino casino business, according to statistics gathered by the Philippine Amusement and Gaming Corp. (PAGCOR).

Bloomberry Resorts Corp.’s Solaire Resort dominated the field and cemented its position as the highest-earning casino in the country as well as the top performer in the Entertainment City gambling center with total gaming revenues of around P61 billion in 2023. This accomplishment demonstrates Razon’s dominant position in the industry.

Okada Manila came in second position after Solaire with P44.52 billion in gaming revenues, while City of Dreams Manila came in third with P31.7 billion in casino earnings.

By mid-2024, when Solaire Resort North is constructed in Quezon City, Razon’s edge may grow even farther.

Outside of Entertainment City, Andrew Tan’s Newport World Resorts Manila generated P34.3 billion in gaming revenue the year before.

Casino hubs flourished in other regions of the nation as well. For example, Widus Casino in the Clark Freeport Zone brought in over P11.9 billion in gaming revenues, while D’s Heights and Royce Hotel & Casino brought in P7.9 billion and P4.9 billion, respectively.

According to PAGCOR data, the Gokongwei Group’s Nustar Resort and Casino in Cebu, which opened in 2022, was a huge success, with gaming revenues approaching P5.5 billion.

It is projected that the gaming sector in the Philippines would bring in a total of P285.3 billion by 2023, with private license holders accounting for over 70% of this revenue. Of these profits, almost P17.4 billion were allocated for the delivery of public health services.

In other developments, Cesar Virtusio, a former managing director of the Bankers Association of the Philippines, has been selected as an independent director by Tonik, the country’s first digital bank licensee. Virtusio’s vast background in the banking sector makes him an ideal partner to help Tonik achieve its objective of transforming digital banking in the Philippines.

In addition, as the case comes to an end, PLDT Inc. is giving $3 million to plaintiffs in a class action lawsuit involving a P48 billion budget overrun. The controversy will likely conclude with the acceptance of this accord, which is presently in court.

Original story by: Philippine Daily Inquirer

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