Belle Corporation’s (Belle) consolidated revenues reached Php1.9 billion in the first quarter of 2019, down 6% compared to the Php2.0 billion achieved in the same period in 2018. Although Belle continued to experience growth at City of Dreams Manila, its overall operating performance was affected by weaker results at Pacific Online Systems Corporation (Pacific Online), which leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for their lottery and keno operations. As a result, Belle’s consolidated net income of Php700 million for the first quarter of 2019 was 18% lower than the Php851 million reached for the first quarter of 2018.
Belle’s gaming-focused subsidiary, Premium Leisure Corp. (PLC), registered an increase of 9% in its share in the gaming earnings of City of Dreams Manila, to Php725 million for the first quarter of 2019 from Php664 million in the comparable period in 2018. This, however, was offset by the performance of PLC’s 50.1%-owned subsidiary, Pacific Online, which posted a 48% decrease in revenues, from Php560 million in the first quarter of 2018 to Php294 million for the first quarter of 2019. This was due largely to competition from the small town lottery. Pacific Online is working closely with the PCSO and its network of agents to boost the attractiveness of the pari-mutuel games it offers, and is working to implement cost efficiency measures across its operations.
Belle’s real estate operations, meanwhile, saw an 8% increase in revenues, from Php809 million in the first quarter of last year to Php873 million for the first quarter the current year. Of the current quarter’s real estate revenues, Php668 million came from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation, which was a 17% improvement over the first quarter of 2018. Belle’s real estate sales and property management activities at its Tagaytay Highlands complex contributed the balance of Php205 million.
About Belle Corporation
Belle Corporation is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila in PAGCOR Entertainment City by Manila Bay, which is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corporation (Melco). In addition to lease income, Belle is accorded a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between its 78.7%-owned subsidiary, Premium Leisure Corp., and Melco. Belle also owns approximately one hectare of presently undeveloped land across from the City of Dreams Manila site.
South of Metro Manila, Belle owns significant real estate assets and develops premium residential resort projects around Tagaytay City. Among its exclusive destinations are the club and golf facilities and residential communities of Tagaytay Highlands and Tagaytay Midlands, as well as a further 800 hectares intended for future development.