Belle 2023 gaming income hits US$42mln, up 50pct

Mar 01, 2024 Newsdesk Latest News, Philippines, Top of the deck  

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Belle Corp’s casino revenue generated from its share of gaming business at City of Dreams Manila rose by 49.9 percent year-on-year in 2023, to nearly PHP2.34 billion (US$41.7 million), it said in a Thursday filing to the Philippine Stock Exchange.

Belle is entitled to a share in revenues or earnings from gaming operations at City of Dreams Manila (pictured) through an operating agreement between Belle’s subsidiary Premium Leisure Corp, and a unit of casino group Melco Resorts & Entertainment Ltd.

Belle’s group-wide consolidated revenues in full-year 2023 were just below PHP5.42 billion, up 3.4 percent from the prior year. The group also separately runs a lottery operation and has real estate interests.

Belle reported net income of PHP2.42 billion in 2023, a 41.7-percent increase year-on-year.

In a separate filing on Thursday, Premium Leisure said the increase in the share of gaming business was “due to significantly enhanced mass and VIP operations at City of Dreams Manila”.

Also on Thursday, Melco Resorts said that fourth-quarter operating revenues at City of Dreams Manila stood at US$120.5 million, down 3.5 percent quarter-on-quarter, but up 26.6 percent from a year earlier.

The complex generated adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of US$48.8 million in the three months to December 31, flat sequentially. It compared with US$23.6 million in fourth-quarter 2022.

City of Dreams Manila’s rolling chip volume was US$416.5 million in the fourth quarter of 2023, down US$940.7 million from the prior-year period. Mass-market table games drop increased to US$198.2 million in the final quarter of 2023, compared with US$148.2 million a year earlier.

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