Casting the dice: Enrique Razon and his bid for success
Casting the dice: Enrique Razon and his bid for success
Enrique "Ricky" Razon is chairman and CEO of International Container Terminal Services, the largest port operator in the Philippines. Overall, he manages roughly 30 ports spread out in more than 20 states around the world. He comes from an illustrious line of shipping entrepreneurs. His grandfather was of Spanish origins and was the one to develop Manila’s main port in South Harbor and, on top of that, the company itself has been passed down from his father.
He was appointed executive VP in 1987 and since then he has overseen and guided a great deal of the firm's expansion and internationalisation until, eventually, he rose to the position of Chairman in 1995. Since he took over, ICTSI has been expanding aggressively into emerging markets. The particular strength of late in trade from up and coming business markets has let the terminal business help propel Razon into the ranks of billionaires. According to Forbes he has a net worth of US$5.2 billion
He tends to prefer a precise and spontaneous managerial style and is fond of being directly involved with his businesses. For example, he spends 2/3 of his time travelling to check on various business ventures around the world. In the past he has stated that this is not compatible with his other corporate interests in the gambling industry. In March 2013 he opened the Solaire Resort & Casino, the first fully integrated resort casino in the Philippines. Married with two children, Mr. Razon is an avid golfer and kite surfer, backing events for both sports including the Philippines Golf Tour.
But his path to success was not always 100% smooth sailing. Following the Asian financial crisis he found himself in a position where the only way to stay afloat was to sell most of his assets to Hutchinson, a shipping rival operating out of Hong Kong, after ICTSI’s debt increased to a staggering $320 million as a result of fluctuations in national currencies. Still, he rallied magnificently from a setback that would have shattered other men and at the moment the business is growing at an impressive rate.
His newest development came in the form of a billion dollar investment in an integrated casino complex to be developed in South Korea. The project is still in the planning stage but there are talks of taking a local partner on board. The announcement signifies an exciting time for his gambling business, hinting at future plans of expansion.
Enrique "Ricky" Razon is chairman and CEO of International Container Terminal Services, the largest port operator in the Philippines. Overall, he manages roughly 30 ports spread out in more than 20 states around the world. He comes from an illustrious line of shipping entrepreneurs. His grandfather was of Spanish origins and was the one to develop Manila’s main port in South Harbor and, on top of that, the company itself has been passed down from his father.
He was appointed executive VP in 1987 and since then he has overseen and guided a great deal of the firm's expansion and internationalisation until, eventually, he rose to the position of Chairman in 1995. Since he took over, ICTSI has been expanding aggressively into emerging markets. The particular strength of late in trade from up and coming business markets has let the terminal business help propel Razon into the ranks of billionaires. According to Forbes he has a net worth of US$5.2 billion
He tends to prefer a precise and spontaneous managerial style and is fond of being directly involved with his businesses. For example, he spends 2/3 of his time travelling to check on various business ventures around the world. In the past he has stated that this is not compatible with his other corporate interests in the gambling industry. In March 2013 he opened the Solaire Resort & Casino, the first fully integrated resort casino in the Philippines. Married with two children, Mr. Razon is an avid golfer and kite surfer, backing events for both sports including the Philippines Golf Tour.
But his path to success was not always 100% smooth sailing. Following the Asian financial crisis he found himself in a position where the only way to stay afloat was to sell most of his assets to Hutchinson, a shipping rival operating out of Hong Kong, after ICTSI’s debt increased to a staggering $320 million as a result of fluctuations in national currencies. Still, he rallied magnificently from a setback that would have shattered other men and at the moment the business is growing at an impressive rate.
His newest development came in the form of a billion dollar investment in an integrated casino complex to be developed in South Korea. The project is still in the planning stage but there are talks of taking a local partner on board. The announcement signifies an exciting time for his gambling business, hinting at future plans of expansion.