Billionaire Enrique Razon pushes ahead with plans to build a $418 million casino
Billionaire casino mogul Enrique Razon (net worth of $3 billion) plans to construct a $418 million casino in Manila.
The casino resort is expected to cater to a growing demand for upper-end leisure travel of ultra-high-net-worth individuals visiting the capital city of the Philippines.
Razon’s planned resort will be one of several new casinos in the Philippines during the next 3 years, including a luxury casino built by Universal Entertainment Corp., which opens in November, and a casino funded by Malaysian billionaires: Andrew Tan and Lim Kok Thay.
Razon, the chairman and chief executive of Philippine’s largest casino operator said construction of the company’s second casino will break ground during Q2 of 2017 and is expected to open its doors towards the end of Q4 2019.
Manila is keen on becoming the next casino hotspot in Asia. According to reports from the massive 800-room Solaire Casino (operated by Enrique Razon), Chinese and South Koreans are the two biggest groups of foreign visitors at Solaire.
According to government data, tourist arrivals to the Philippines grew 14% in the first six months of 2016 from a year earlier.
Casino gaming regulators report casino gaming revenue rose 24% in the first half of 2016.