City of Dreams powers Belle’s earnings to P2.65B
Sy-led leisure and gaming firm Belle Corp. said its profit grew 42 percent in the first nine months to P2.65 billion, driven by leasing and gaming revenues from City of Dreams Manila.
Wtihout the P183.8 million in capital gains from the sale of non-core investments, Belle’s recurring net income surged 64 percent to P2.47 billion.
Belle’s share in the gaming income of City of Dreams Manila, through its 78.7 percent owned subsidiary Premium Leiure Corp., nearly doubled to P2.16 billion.
PLC has an operating agreement with the Philippine affiliate of Macau casino giant Melco Resorts and Entertainment Ltd. that accords it a share of gaming revenues or earnings at City of Dreams Manila.
Belle’s total revenue amounted to P6.2 billion, up 34 percent year on year, mainly due to a P1.05 billion increase in PLC’s share in gaming earnings of City of Dreams Manila, an increase in lotto and Keno equipment rental and instant scratch ticket sales of Pacific Online Systems Corp., and higher revenue from the lease of land and buildings to the integrated casino resort.
Revenues from Belle’s real estate business increased 10 percent to P2.37 billion, of which P1.69 billion came from the company’s lease of the land and buildings comprising City of Dreams Manila to Melco with the remaining P683.2 million coming from sales of real estate projects in Tagaytay Highlands and Midlands.
Belle’s consistent profitability allowed the company to pay P1 billion in regular cash dividends to its shareholders.