Premium Leisure Corp (PLC), a subsidiary of Philippines real estate firm Belle Corp, has reported net income of Php2.33 billion (US$41.6 million) for the 12 months through 31 December 2023, up 85% year-on-year due to what it described as “successful strategies in navigating the market landscape.”
The significant improvement in profitability throughout the year came off the back of a 41% increase in consolidated revenues to Php2.94 billion (US$52.5 million), of which its wholly-owned subsidiary PremiumLeisure & Amusement, Inc (PLAI) contributed Php2.34 billion (US$41.8 million), up 50% on the previous year. PLAI generated its revenues by way of a revenue share agreement with City of Dreams Manila operator Melco Resorts & Entertainment (Philippines).
Another PLC subsidiary, Pacific Online Systems Corp (POSC) – which provides lottery terminals and software another for the Philippine Charity Sweepstakes Office (PCSO) – reported a 16% year-on-year increase in revenue to Php601 million (US$10.7 million) in FY23.
PLC’s operating EBITDA for the period grew by 59% year-on-year to Php2.25 billion (US$40.2 million).
PLC is itself a subsidiary of Philippines real estate firm Belle Corp, which owns the land upon which City of Dreams Manila sits. Aside from PLC’s revenue share agreement, Belle Corp also earns rent from Melco Resorts and Entertainment (Philippines) Corporation for use of the land.
In a separate filing, Belle Corp said it generated total revenues of Php5.60 billion (US$ 100.0 million) through 31 December 2023 of which Php1.99 billion (US$35.5 million) was from its lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation.
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