The Philippines’ Belle Corp reported a 59 percent increase in its share of gaming earnings from casino resort City of Dreams Manila (pictured) during 2017. Belle Corp receives a share of the gaming income via its 78.7-percent owned subsidiary, Premium Leisure Corp.
Such earnings rose to PHP2.6 billion (US$50.1 million), from PHP1.6 billion a year earlier, Belle Corp said in a press release filed with the Philippine Stock Exchange on Friday.
City of Dreams Manila is operated by a unit of Asian casino investor Melco Resorts and Entertainment Ltd.
Belle Corp reported consolidated revenues of PHP8.0 billion for 2017, up 27 percent compared to PHP6.3 billion in 2016. The company said its consolidated net income rose 13 percent to PHP3.5 billion in 2017, from PHP3.1 billion the previous year. Excluding capital gains on sales of non-core investments and extraordinary items, Belle Corp said its recurring net income – amounting to PHP3.3 billion for 2017 – was 58 percent higher than recurring net income of PHP2.1 billion for 2016.
“This record performance was driven primarily by growth in gaming revenues,” the group said in its press release.
Belle Corp’s real estate business contributed PHP3.1 billion in revenues, up 10 percent from PHP2.8 billion in 2016. Of this, PHP2.3 billion came from Belle Corp’s lease to Melco Resorts and Entertainment (Philippines) Corp of the land and buildings comprising City of Dreams Manila.
In late February, Belle approved a regular dividend of PHP0.12 per share, for a total dividend payment of approximately PHP1.3 billion, due on March 23 to shareholders of record as of March 9.
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"The six Macau casino operators should not be penalised for upping expenditure on player incentives, so long as their EBITDA margins are not materially diluted”
George Choi and Ryan Cheung
Analysts at Citigroup