Philippine real estate firm Belle Corp reported a 1% decrease in consolidated revenue to Php1.30 billion for the three months to 31 March 2025, however revenue related to its lease of the land to Melco’s City of Dreams Manila showed solid growth.
Belle Corp owns the land upon which City of Dreams Manila is located, while its majority-owned subsidiary Premium Leisure Corp (PLC) is a direct partner of Melco in City of Dreams Manila where it holds a revenue share agreement.
According to information filed in its quarterly report on Monday, Belle Corp’s 1Q25 revenue included a 1% year-on-year increase in lease income to Php588.0 million and an 8% increase in gaming revenue share to Php432.6 million.
The company’s revenue decline for the quarter was attributable to lower real estate sales and revenue from property management.
Net income grew by 5% year-on-year to Php462.4 million, with the company pointing to reduced costs and expenses.
The improved 1Q25 result at City of Dreams Manila comes just months after Melco revealed it could sell its interest in the Manila resort as it considers pursuing an asset light strategy.
Belle Corp has since stated it won’t be buying out its partner, however the company has expressed interest in expanding its casino-resort exposure to nearby Clark, announcing late last year that it has filed an application for a Clark casino license and continues to pursue IR development within the Clark Freeport Zone.
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