By Ben Blaschke
A day after Belle Corp Vice Chairman Willy Ocier claimed his company was discussing plans to expand its City of Dreams Manila property, partner Melco Crown (Philippines) Resorts Corporation (MCP) has denied any such discussions have taken place.
In a statement on the Philippine Stock Exchange on Tuesday, MCP issued a strongly worded rebuttal in which it insisted Mr Ocier did not speak on its behalf.
“Please note that MCP has no prior knowledge of the statement made by Mr Ocier on behalf of Belle Corp,” it said. “Mr Ocier is not an authorized spokesperson for MCP. The company’s operations are carried out by its own management team and Belle Corporation is not involved in the day to day management of MCP and not authorized to speak on behalf of MCP.
“Aside from previous disclosures by the company to the Exchange, there is no additional information to be reported by MCP at this time. MCP will comply with its disclosure obligations if material changes are to occur.”
Mr Ocier told local media earlier this week that Belle Corp and MCP was planning to open a second casino in the Philippines – either within Metro Manila or elsewhere – as well as expanding City of Dreams Manila. The City of Dreams expansion would include development of Belle’s existing 8,500 square-meter property near City of Dreams as well as looking for smaller lots within City of Dreams’ 6.2 hectare lot.
“We are looking for neighboring site or land contiguous with COD. We are open also for joint venture partnership,” Mr Ocier said.
His comments came ahead of Tuesday’s release of Belle’s 1Q17 financial results which saw the company announce consolidated net income of PHP783 million for the first quarter of 2017 – an 89.6% year-on-year increase over the first three months of 2016. Belle’s recurring net income of PHP760 million for the first quarter of 2017 represented an 84% year-on-year increase.
The positive figures were fueled primarily by growth in revenues from City of Dreams Manila. Its share in the gaming income of City of Dreams Manila, through its 78.7%-owned subsidiary Premium Leisure Corporation, more than doubled to PHP722 million in the first quarter of 2017 from PHP349 million in the first quarter of 2016.
Belle also realized a 3% increase revenues from its real estate businesses, up to PHP680 million in 1Q17.
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