Philippines real estate and gaming investor Belle Corporation saw its net income grow 11% to Php1.73 billion (US$32.5 million) in the six months to 30 June 2018, buoyed by the continued strong performance of City of Dreams Manila.
In a filing to the Philippines Stock Exchange, Belle Corp announced total revenue of Php4.52 billion (US$84.9 million) in 1H18, with its revenue share in operations at City of Dreams Manila up 18% year-on-year to Php1.73 billion. Belle Corp’s 78.7%-owned subsidiary Premium Leisure Corporation (PLC) has an income sharing agreement with City of Dreams Manila operator Melco Resorts (Philippines).
Belle Corp also booked a 3% increase in revenue from the leasing of the land and buildings comprising City of Dreams Manila to Php1.06 billion. In total, City of Dreams contributed almost 62% of Belle Corp’s total revenue in 1H18.
The company EBITDA from its gaming income share at City of Dreams rose 42% to Php 1.34 billion, while its real estate EBITDA grew 11% to Php 1.19 billion of which Php1.02 billion was derived from Belle’s lease land to Melco.