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A Billionaire Story: Ports and Casino Tycoon Enrique Razon Jr

A Billionaire Story: Ports and Casino Tycoon Enrique Razon Jr

“Always be prepared for crisis.”Enrique Razon Jr.

Enrique Anselmo Klar Razon Jr., the youngest of five brothers and sisters, works in the family port business alone. After his grandfather established the primary port operation in Manila in the 1930s during American rule, he passed it on to his son. 

The latter managed it until the Philippines nationalized and privatized the ports in 1988. The Razon family, along with the Soriano Group and Sea-Land, won the contract to manage the port of the nation's capital.

 

(Photo from the wires)

 

In 1994, he made his first global expansion to Argentina. Razon succeeded his father as chairman after the latter's passing the following year.

During the Asian financial crisis in 1997, the Philippines depreciated its exchange rate. This resulted in an increased debt of its docks business and hindered its plans for international expansion.

Most of the group's investments out of the Philippines were sold to Hutchison Whampoa, owned by billionaire Li Ka-Shing. ICTSI has grown and taken over port operations in India, Croatia, and Mexico with a renewed sense of purpose.

According to an interview Razon gave to Bloomberg News in October 2012, the company plans to add ten developments in the upcoming decade in developing markets like Congo and the Ivory Coast to prevent the repercussions of the European debt crisis.

When it comes to gambling, Razon is also all-in. The Razon family's Bloomberry Resorts initiated the nation's first casino resort, the Solaire, at the cost of $1.2 billion in March of 2013.

Razon has a solid reputation for his honesty and business savvy. Many successful businesspeople look up to Ricky for guidance, including Jaime Augusto Zobel de Ayala and Teresita Sy-Coson.

Timeline of Enrique Razon, Jr.'s Significant Milestones

•1960 - Enrique Razon was born in Manila.
•1980 - He finished his Bachelor of Science in Business Administration from De La Salle University.
•1995 - After the passing of his father, Enrique, he assumed the role of ICTSI chairman.
•2001 - After the Asian financial crisis, the company decided to sell its overseas assets to Hutchison, owned by Li Ka-Shing.
•2006 - Acquires 23% of ICTSI owned by the Soriano family.
•2007 - Appoints former Las Vegas Sands employees based in Macau to run Solaire.
•2013 - Manila's $1.2 billion Solaire resort and casino has opened.
•2013 - Global Gaming's service operator agreement is being terminated.

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    (NOTE: Some photos contained in this article may be the copyrighted property of others; acknowledgement of these copyrights is hereby given.)