Property

Belle 9-month earnings plunge on coronavirus hit

Sy-led leisure estate developer and gaming firm Belle Corp. saw its nine-month net income plummet by 96% to P93 million as business was practically impacted by Covid-19 and efforts to contain the virus.

Consolidated revenues fell 60% to P2.91 billion as the pandemic zapped consumer sentiment.

” The effects of the pandemic began with declining tourist arrivals prior to the implementation of the community quarantines nationwide and was compounded by the temporary suspension of gaming operations at City of Dreams Manila on March 16 in compliance with government initiatives to contain the virus,”

Belle said.

Belle’s primary growth driver, its share in the gaming revenues at COD plunged by 86% from P2.38 billion to P325 million as gaming operations were either suspended or substantially limited from mid-March through September.

Gaming affiliate Pacific Online Systems, which leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery and Keno operations, also posted weaker results. Revenues declined by 71% to P221 million.

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