Philippines-based Belle Corp, one of the investors in the City of Dreams Manila casino resort, reported net income of PHP378 million (US$8.5 million) for the first quarter of 2015, up by 21.9 percent year-on-year.
Total revenue for the three months ended March 31 more than doubled from a year earlier to PHP1.34 billion, the company told the Philippine Stock Exchange on Tuesday.
“However, higher interest expenses and other non-operating charges narrowed the year-on-year growth rate for net income,” Belle said.
City of Dreams Manila, which is managed by Melco Crown (Philippines) Resorts Corp, is a partnership between casino operator Melco Crown Entertainment Ltd and Premium Leisure Corp, a unit of Belle, controlled by the family of Philippine billionaire Henry Sy.
Belle’s operating growth in 2015 was attributable to an increase in revenues from a lease it holds relating to the City of Dreams Manila property, income from sales of real estate and income derived from its subsidiary Premium Leisure.
Premium Leisure’s operations benefited from the official opening of City of Dreams Manila on February 2. The Belle unit has an operating agreement that grants it a share of gaming revenues or earnings at the casino resort. Premium Leisure realised net income of approximately PHP80 million in the first three months of 2015, against a net loss of PHP2 million a year earlier, Belle said in the latest filing.
Additionally on Tuesday, Leisure and Resorts World Corp – also an investor in City of Dreams Manila via one of its subsidiaries – reported net income of PHP749.8 million for 2014, 131.6-percent higher than in the previous year.
Leisure and Resorts World is also a bingo operator as well as being involved in interactive games licensing. The firm says it additionally holds a licence to conduct telephone betting for casino junket operations at Casino Filipino-Midas, run by the country’s gaming regulator and public sector operator the Philippine Amusement and Gaming Corp. The casino is at the Midas Hotel and Casino in Manila.
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