Philippines real estate firm Belle Corp reported a 105% increase in its share from gaming revenues at City of Dreams Manila in 2021, aided by an improved performance from the integrated resort.
According to details contained within Belle Corp’s Annual Report, made public this week, gaming revenue share climbed from Php635.2 million (US$12.1 million) in 2020 to Php1.30 billion (US$24.9 million) in 2021. This was in stark contrast to most of the company’s business segments, with group-wide revenue down 18% year-on-year to Php3.42 billion (US$65.4 million). As a result, gaming revenue comprised 38% of Belle Corp’s total revenue in 2021, up from just 15% in 2020.
Melco Resorts & Entertainment earlier this month reported a 31.5% increase in operating revenues at City of Dreams Manila in 4Q21 to US$83.9 million, which it attributed to improved performance in the mass market table games and gaming machine segments.
While gaming improved, Belle saw net income fall 16% year-on-year to Php745.2 million (US$14.3 million), primarily due to COVID-19 restrictions impacting real estate leasing operations.
The company’s real estate revenues declined by 47% from to Php1.69 billion (US$32.3 million) in 2021 of which Php807.9 million (US$15.5 million) was derived from its lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation. This was 70% lower than revenues of Php2.66 billion (US$50.8 million) from City of Dreams Manila in 2020.
Pacific Online Systems Corporation, the subsidiary that leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for their lottery and keno operations, posted a 30% increase in revenues to Php426.3 million (US$8.2 million).
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