GGRAsia – CoD Manila investor Belle net income up 10 pct in 1H

CoD Manila investor Belle net income up 10 pct in 1H

Aug 08, 2016 Newsdesk Latest News, Philippines, Top of the deck

Belle Corp, an investor in the City of Dreams Manila casino project (pictured) in the Philippines, saw its consolidated net income rise 10 percent year-on-year for the six months to June 30, to PHP917 million (US$19.5 million), the firm said on Friday.

The firm leases out land and buildings for the casino property on a long-term basis. Belle also realises a share in earnings from City of Dreams Manila’s gaming operations via Belle’s 78.7 percent-owned subsidiary Premium Leisure Corp.

Belle said in a summary of its latest earnings statement filed with the Philippine Stock Exchange: “Premium Leisure Corp’s gaming income share for the first half of 2016 almost doubled to PHP702 million, from PHP361 million for the first half of 2015. This was attributable to the ramp-up in gaming operations of City of Dreams Manila, which held its grand opening in February 2015.”

In a separate filing on Friday, Belle said Emilio S. De Quiros had been named chairman of the board with immediate effect. He succeeds Benito Tan Guat, who died in June.

Belle also said it realised higher revenues from its lease of the land and buildings comprising City of Dreams Manila, which is operated by Melco Crown (Philippines) Resorts Corp. Such revenues increased by PHP41 million (4 percent) to PHP1.09 billion during the first half of 2016.

Melco Crown Entertainment Ltd, the parent of Melco Crown Philippines, said on Thursday that second-quarter net revenue at City of Dreams Manila was US$120.2 million, up 36.3 percent compared to US$75.0 million in the second quarter of 2015.

Belle’s principal assets include land and buildings located at Entertainment City in Paranaque City, Manila, the Philippines capital. The property is being leased on a long-term basis to Melco Crown. City of Dreams Manila covers 6.2 hectares (15.3 acres) of land and more than 30 hectares in building gross floor area.