The Philippines' wealthy landscape has undergone significant changes. Gaming and infrastructure tycoon Enrique "Ricky" Razon Jr. has ascended to the throne of the richest man in the Philippines with a net worth of approximately $11.9 billion, successfully replacing real estate developer Manny Villar. Villar's fortune has significantly evaporated due to the long-term suspension of his real estate company Golden MV Holdings' stocks, resulting in a severe shrinkage of its market value.
Razon's gaming flagship, Bloomberry Resorts, reported a net profit of 3.3 billion pesos in the first quarter of 2025, a 26% increase year-over-year, with 2.9 billion pesos coming from one-time financing gains. The core asset, Solaire Resort & Casino, saw total gaming revenue of 16.8 billion pesos, up 14% year-over-year, with mass market gaming operations surging by 29%. The new casino, Solaire North in Quezon City, contributed 1.1 billion pesos in EBITDA in less than a year, becoming a new profit engine for the Razon Group.
However, traditional casinos in Parañaque saw a decline in gaming revenue by 18% due to government crackdowns on POGO, with both VIP and slot machine businesses experiencing downturns. Despite this, Bloomberry's overall profitability remains robust, demonstrating the resilience of its diversified business.
Besides gaming, Razon also controls international port operator ICTSI, energy company Prime Infra, and mining assets. He plans to launch Solaire Online to venture into the online gaming sector and expand digital revenue sources. Experts note that compared to the highly valuation-dependent real estate, Razon's asset portfolio focuses more on cash flow and actual earnings, thus providing a stronger risk resistance and a solid foundation for his position as the wealthiest man.
