Belle Corp’s casino revenue generated from its share of gaming business at City of Dreams Manila rose by 24.3 percent year-on-year in the first nine months of 2023, to nearly PHP1.80 billion (US$31.6 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 total net income for the nine months to September 30 was just below PHP1.97 billion, up 20.1 percent from a year earlier. The group also separately runs a lottery operation and has real estate interests.
“This increase in bottom line figures is mainly attributable to the improved operation of the group’s gaming business units for the period,” stated the parent company in its latest quarterly report.
Belle reported group-wide consolidated revenues of PHP4.30 billion for the nine months ended September 30, a slight increase from the prior-year period.
The company stated in its unaudited results for the nine-month period that its revenues from real estate operations decreased by 18.8 percent year-on-year, to PHP2.00 billion. Just above PHP1.50 billion was derived from the lease of the land and buildings at City of Dreams Manila, to Melco Resorts’ Philippines unit. That was down 3.7 percent from a year earlier, it added.
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