Belle Corp’s 2025 gaming revenue derived from its share of the casino business at City of Dreams (CoD) Manila fell 17.3 percent year-on-year, to just under PHP1.90 billion (US$32.9 million), the company said in a filing on Thursday to the Philippine Stock Exchange.
Belle is entitled to a share of revenues or earnings from gaming operations at the City of Dreams Manila resort (pictured in a file photo), in the Philippine capital, through an operating agreement between Belle’s subsidiary Premium Leisure Corp and a unit of casino group Melco Resorts & Entertainment Ltd.
Belle’s aggregate net income in full-year 2025 was PHP2.11 billion, representing a year-on-year decline of 13.0 percent. That was on revenue that fell 10.2 percent, to PHP5.29 billion.
The company announced a dividend PHP0.06 per share for 2025, to be paid on March 27 this year.
In mid-February, Melco Resorts said it had terminated the “evaluation of the strategic alternatives” regarding its involvement in the City of Dreams Manila complex.
Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts, said at the time: “Although we considered various alternatives, we did not feel that any of those options would allow the value and potential of the property to be fully realised.”
In Thursday’s filing, Belle also said it was strengthening its proposal to develop a new casino resort in Clark, in Pampanga province, a two-hour drive from the capital, Manila.
In July 2024, the group, through two Premium Leisure units, applied for a gaming licence with the country’s regulator, the Philippine Amusement and Gaming Corp (Pagcor).
“On February 5, 2026, the group requested the inclusion of Premium Leisure and the parent company, as co-licensees to strengthen the project’s development capabilities,” Belle stated.
“As of the report date, the request is under assessment by Pagcor,” it added.
