How Enrique built the fortune
Enrique Razon Jr. comes from a family that has worked in Manila's port business for generations. In 1987 his father, Enrique Razon Sr., founded International Container Terminal Services Inc., known as ICTSI, which the following year won a concession from the Philippine government to run the Manila International Container Terminal. The terminal had been a congested, poorly managed facility, and ICTSI invested in equipment and systems that raised its capacity and efficiency.
Razon Jr. took over the leadership of ICTSI and set a strategy that distinguished it from larger rivals: rather than competing for the busiest ports of the world, it focused on smaller and medium sized terminals in emerging markets that needed investment and expertise. From the late 1990s ICTSI won concessions in countries across Latin America, Africa, Asia, Europe and the Middle East. These long term contracts, often lasting decades, give the company steady cash flows from cargo handling fees.
The second pillar of his fortune came from gaming. Razon set up Bloomberry Resorts, which opened Solaire Resort and Casino in the Entertainment City zone on Manila Bay in 2013. Solaire became one of the leading integrated resorts in the Philippines, and a second property, Solaire Resort North in Quezon City, opened in 2024. More recently he has added energy and water businesses through a holding company called Prime Infrastructure Capital.
Port concessions are a business with high upfront costs and long payback periods. ICTSI typically commits to invest in quay cranes, yard equipment, dredging and berth extensions in exchange for the right to operate a terminal and collect fees for twenty years or more. Once the investment is made and volumes grow, the terminals tend to produce strong and predictable margins. This structure has made ICTSI one of the more profitable listed companies in the Philippines and has given Razon a base of cash that he has reinvested in new terminals and in his other ventures.
Companies and holdings
Razon's main business interests include:
- ICTSI, listed on the Philippine Stock Exchange, which operates container terminals in many countries, including Brazil, Mexico, Ecuador, Colombia, Honduras, Iraq, Pakistan, Indonesia, Australia, Madagascar and the Democratic Republic of the Congo.
- Bloomberry Resorts, owner of the Solaire casino resorts in Metro Manila.
- Prime Infrastructure Capital, which holds interests in water supply, waste management, hydropower and natural gas, including a stake in the Malampaya gas field acquired in 2023.
Prime Infrastructure is also a partner, with the power distributor Meralco, in a very large solar and battery storage project in Luzon. Through these holdings Razon has positioned himself as a major private investor in Philippine infrastructure, alongside his international port business.
The casino business depends heavily on visitors from abroad and on wealthy local players, and it was hit hard by the closures of the Covid pandemic in 2020 and 2021 before recovering. Bloomberry has also operated a casino in South Korea and has developed online gaming in the Philippines.
Early life and career
Razon was born in Manila in 1960. His grandfather was involved in the stevedoring and cargo handling trade at the Port of Manila, and the family business gave him early exposure to logistics and port operations. He attended De La Salle University in Manila before joining the family business as a young man.
He was involved with ICTSI from its early years, working on the operations of the Manila terminal, and later took over as chairman and president, leading its international expansion. Over the years he built a reputation as a dealmaker who negotiated directly with governments over concessions, often in countries considered risky by other investors.
Philanthropy and public life
Razon is one of the most prominent businessmen in the Philippines and has had close ties with several administrations, which has made his business dealings a subject of public interest. He has generally avoided interviews and speaks mainly through company announcements and occasional statements at business events.
ICTSI runs a foundation that supports education, health and community development in Manila port communities and near its terminals abroad. Bloomberry and Prime Infrastructure also sponsor social programmes. His personal giving is not widely publicized, and most of his public profile comes from his role in building and financing large infrastructure in his home country.