City of Dreams Manila lifts Sy-led leisure firm’s profit by more than half
A vibrant gambling activity at City of Dreams Manila powered Belle Corp.’s nine-month earnings to P1.9 billion, reflecting a 64 percent jump year on year.
The growth was fueled mainly by growth in Belle’s share in the gaming revenue of City of Dreams Manila, through its 78.7 percent-owned subsidiary Premium Leisure Corp.
PLC’s gaming revenues doubled to P1.1 billion from P554 million due to the ramp-up in gaming operations of City of Dreams Manila, which opened in February 2015.
City of Dreams Manila offers 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 about two hectares of restaurant and retail space
PLC has an operating agreement with Macau casino giant Melco Crown Entertainment Ltd. that accords it a share of gaming revenues or earnings at City of Dreams Manila.
Revenues from the lease of Belle’s land and buildings comprising City of Dreams Manila to MCE amounted to P1.64 billion or an increase of four percent.
Belle is the high-end leisure and gaming firm of the family of Bilyonaryo Henry Sy.