Henry Sy’s Belle books 9% profit hike in Q1 amid gaming revenues
Gaming revenues padded the earnings of Bilyonaryo Henry Sy’s Belle Corp. in the first quarter of the year.
Belle booked a net income of P413 million from January to March this year or P35 million higher compared with P378 million in the same period last year.
The profits recorded in the first quarter already accounted for more than 30 percent of the company’s net recurring income of P1.3 billion last year.
The company’s operating growth in 2016 was fueled by growth in its share in the gaming income of City of Dreams Manila owned by its subsidiary Premium Leisure Corp. (PLC).
PLC’s gaming income share jumped 78 percent to P349 million in the first quarter of the year from P197 million in the same quarter last year.
This was attributable to the ramp-up in gaming operations of City of Dreams Manila, which held its grand opening in February last year.
PLC has an operating agreement with Melco Crown Entertainment Limited (MCE) that accords it a share of gaming revenues or earnings at City of Dreams Manila.
Due to sustained strong operating and financial performance, Belle paid a cash dividend of P0.275 per share for total consideration of P2.9 billion last year.
Belle’s principal assets include land and buildings located at PAGCOR Entertainment City in Paranaque City, which are being leased on a long-term basis to MCE.
City of Dreams Manila includes approximately two hectares of gaming space, more than 900 hotel rooms operated under three hotel brands namely Crown, Hyatt and Nobu, the DreamPlay indoor family amusement park, and approximately two hectares of restaurant and retail space.
Belle also owns significant real estate assets in and around Tagaytay City, a temperate mountain resort about 90 minutes south of Manila overlooking scenic Taal Lake and Mount Makiling.