An aerial shot of City of Dreams Manila
Belle Corporation (Belle) realized consolidated revenues of Php 5.77 billion for the nine months ended September 30, 2019, down 11% compared to revenues of Php 6.46 billion for the same period in 2018. As a result, Belle’s consolidated net income of Php 2.18 billion for the nine months ended September 30, 2019 was 18% lower than consolidated net income of Php 2.66 billion for the comparable 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. Pacific Online, which is 50.1%-owned by Belle’s subsidiary Premium Leisure Corp. (PLC), posted a 51% decrease in revenues, from Php 1.56 billion in 2018 to Php 766 million in 2019. This was due to competition from the small town lottery, and the temporary suspension of lottery and keno operations by the PCSO during the third quarter of 2019. With the suspensions since lifted, 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 core operations continued to be stable. Its real estate operations realized a 4% increase in revenues, from Php 2.52 billion during the first nine months of last year to Php 2.63 billion during the first nine months of the current year. Of real estate revenues so far in 2019, Php 2.0 billion came from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation (Melco), which was a 16% improvement over 2018. Belle’s real estate sales and property management activities at its Tagaytay Highlands complex contributed the balance of Php 624 million during 2019. PLC registered a Php 2.38 billion share in gaming earnings of City of Dreams Manila for the first nine months of 2019, which was unchanged from the same period in 2018.
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.