Belle Corp’s income from gaming revenue in the nine months to September 30 rose by nearly 198 percent year-on-year, to PHP967.2 million (US$19.1 million), from PHP324.8 million in the prior-year period, the firm 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 and Entertainment Ltd.
The company said in its filing that operations at City of Dreams Manila “improved during 2021, although still with substantial limitations due to the continuing Covid-19 pandemic.”
In the third quarter alone, Belle’s income from gaming revenue stood at about PHP161.7 million, according to corporate statements. During the third quarter, Manila’s casino resorts, including City of Dreams Manila, were subject to shutdown as a Covid-19 countermeasure, starting from August 6. The venues were only allowed to resume operations in mid-October.
In Thursday’s filing, Belle said it achieved net income of PHP693.5 million in the nine months to September 30, up 84.3 percent from the nearly PHP376.2 million a year earlier.
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