Philippines real estate firm Belle Corporation has reported a 27% increase in consolidated revenues and a 244% increase in consolidated net income for the six months to 30 June 2021, buoyed by improved results at City of Dreams Manila.
Belle Corp, owner of the land and buildings that comprise City of Dreams Manila, earns a share of gaming revenues from the integrated resort plus additional rental income as part of the deal that allows Melco to use the land.
According to the company’s quarterly report, consolidated revenue totalled Php2.54 billion (US$50.8 million), up from Php2.0 billion (US$40.0 million) in 1H20, including a 225% increase in its share of gaming revenue from City of Dreams Manila to Php805.5 million (US$16.1 million).
Revenues from Pacific Online Systems Corporation, which leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery and keno operations, increased by 14% year-on-year to Php205.4 million (US$4.1 million). Pacific Online is 50.1% owned by Premium Leisure Corp (PLC), of which Belle Corp holds a 78.7% stake.
However, revenues from the leasing of land to Melco Resorts declined 11% from Php1.33 billion (US$26.6 million) for the first six months of 2020 to Php1.19 billion (US$23.8 million) in 1H21.
Belle Corp said its improved 1H21 results were “achieved in spite of the continuing effects of the COVID-19 pandemic.”
Net income for the period was Php1.04 billion (US$20.8 million).