Belle Corporation – the Philippines real estate firm that owns the land upon which City of Dreams Manila sits – has reported an 87% increase in consolidated revenues to Php4.27 billion (US$73.3 million) for the nine months to 30 September 2022, buoyed by the integrated resort’s gaming recovery.
Based on the company’s previously reported revenues for the first half of the year, consolidated revenues in 3Q22 reached Php1.45 billion (US$24.9 million), representing a 292% increase on the Php370 million (US$6.4 million) reported in the September 2021 quarter.
Belle Corp earns revenue on City of Dreams Manila via two avenues – a share in gaming revenues through its subsidiary, Premium Leisure Corp, and rental income for the use of its land by the property’s operator, Melco Resorts & Entertainment.
According to the company’s quarterly report, its share in gaming revenues through the first nine months of the year grew 50% year-on-year to Php1.45 billion (US$24.9 million), while revenue from Belle’s leasing of the land and buildings comprising City of Dreams Manila was 232% higher at Php1.09 billion (US$18.7 million). Total revenues from the company’s real estate segment were 142% higher year-on-year at Php2.47 billion (US$42.4 million).
Separately, PLC’s 50.1% owned subsidiary Pacific Online Systems Corporation, which leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery operations, reported an 18% increase in revenue to Php358.1 million (US$6.1 million).
Belle Corp’s net income for the nine months to 30 September was 239% higher year-on-year – up from Php482.1 million (US$8.3 million) to Php1.64 billion (US$28.2 million).
