Belle 1H share of COD Manila gaming revenue down 24pct

Aug 08, 2024 Newsdesk Latest News, Philippines, Top of the deck  

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Philippine-listed Belle Corp reported revenues of just under PHP2.73 billion (US$47.6 million) for the first half of 2024, down 5.8 percent from a year ago.

Belle is an investor in City of Dreams (COD) Manila (pictured), a casino resort in the Philippine capital. The complex – run by a unit of Melco Resorts & Entertainment Ltd – was developed in cooperation with Premium Leisure Corp, a subsidiary of Belle.

The Belle group earns a share – via its units – of the gaming revenue generated at City of Dreams Manila.

In its latest filing to the Philippine Stock Exchange, Belle said its gaming revenue share from City of Dreams Manila in the first six months of 2024 stood at nearly PHP943.0 million, a decline of 23.9 percent from the prior-year period.

Belle realised net income of PHP882.4 million in the six months to June 30, down 32.6 percent year-on-year.

“This decrease in bottom-line figures is mainly brought about by the lower revenues, primarily coming from the lower revenues from gaming business units for the period,” stated the company.

Premium Leisure voluntarily delisted its shares from the main board of the Philippine bourse with effect from July 9. As part of that process, Belle priced a tender offer for all of the outstanding common shares of Premium Leisure at PHP0.85 apiece.

Premium Leisure is said to be planning to invest at least US$300 million in a separate casino resort in Clark Freeport Zone, Pampanga province, in the Philippines.

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