Belle Corp, including its recently-delisted unit Premium Leisure Corp, are “well-prepared to explore opportunities” in the Clark casino market in the Philippines, according to a statement issued on Thursday quoting Armin Raquel Santos (pictured), the group’s president and chief executive.
“Clark’s strategic location, with accessibility to major foreign tourist markets such as China, Hong Kong SAR, Singapore, South Korea, and Japan, strengthens its appeal as a gaming and tourism hub,” stated the CEO.
Belle confirmed in a July filing to the Philippine Stock Exchange, that Premium Leisure and associates had “applied for a gaming licence from government regulators”, though didn’t confirm a media report shortly before, that the location was in Clark. Thursday’s update confirmed the location.
Clark, a former military base on the Philippines’ main island, Luzon, is near Angeles City, and is the home of Clark International Airport. The adjacent Clark Freeport Zone already has a cluster of gaming properties, including Hann Casino Resort.
Belle’s Mr Raquel Santos stated in Thursday’s announcement: “We are committed to identifying ventures with high growth potential, particularly in the gaming space, while ensuring that these align with our broader goals of shareholder value creation and inclusive progress.”
He added: “The tourism sector stands to gain significantly from the gaming industry’s recovery, and we are committed to playing a key role in this resurgence.”
The Philippine government has allocated about PHP7.70 billion (US$131.5 million) for the upgrade of 15 airports across the country under this year’s budget and in order to boost tourism, according to information disclosed on Wednesday by a lawmaker.
Belle’s 98.26 percent-owned Premium Leisure gets a share of gaming revenue from Philippine casino resort City of Dreams Manila, run by a unit of Melco Resorts & Entertainment Ltd.
Belle’s revenue generated from the share of gaming business at City of Dreams Manila fell by 16.6 percent year-on-year in the first nine months of 2024, to just under PHP1.50 billion, according to a filing in November.
Belle’s aggregate net income for the nine months to September 30 was just below PHP1.53 billion, down 22.2 percent from a year earlier. The group also separately runs a lottery operation and has real estate interests.
