Philippines real estate firm Belle Corporation reported a 7% year-on-year increase in income to Php476.6 million (US$9.1 million) in the three months to 31 March 2022, driven by gains across its real estate operations.
However, the company, which owns of the land and buildings that comprise City of Dreams Manila, also reported a decline in its share of gaming revenues from the integrated resort’s operations. Belle Corp reported a 20% fall in gaming share to Php86.8 million (US$1.7 million), noting that City of Dreams Manila “still faced substantial limitations due to the continuing COVID-19 pandemic that hampered its operations, including restrictions in inbound international tourism.”
Nevertheless, Belle Corp said its real estate revenues increased by 144% to Php857.0 million (US$16.3 million) in 1Q22, of which Php564.4 million (US$10.7 million) was derived from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation. CoD’s contribution was 179% higher than it was a year earlier.
Belle Corp also owns a 50.1% stake in Pacific Online Systems Corporation, which leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for their lottery and keno operations. In 1Q22, Pacific Online recorded a 15% decline in revenues to Php104.1 million (US$2.0 million).
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