Philippines real estate firm Belle Corp saw its share in gaming revenue from City of Dreams Manila fall by 18% year-on-year to Php772.3 million (US$13.5 million) in the first half of 2025, reflecting the challenges currently being faced by Manila’s Entertainment City operators.
Belle Corp is a partner of Melco Resorts & Entertainment in City of Dreams Manila by virtue of owning the land upon which the integrated resort is located. Its gaming revenue share comprised 31% of group-wide revenues in 1H25, down from 34% during the same period last year.
However, Belle Corp saw the revenue it garnered from leasing the land to Melco increase by 1% year-on-year to Php1.18 billion (US$20.6 million) – increasing its revenue contribution from 42% to 48%.
Group-wide, Belle Corp saw its revenues fall by 10% during the first six months of 2025 to Php2.47 billion (US$43.2 million), with net income down 9% to Php801.0 million (US$14.0 million).
It follows a similar decline at nearby Okada Manila which last week reported a 9.1% decline in gaming revenues to US$125 million in the June 2025 quarter. Operators have been hit hard by the deterioration of the local VIP sector following the national ban on POGOs, as well as a significant fall in visitation from key markets China and South Korea.
RelatedPosts
