GGRAsia – Philippines’ Belle declares cash dividend

Philippines’ Belle declares cash dividend

Mar 01, 2016 Newsdesk Latest News, Philippines, Top of the deck

Belle Corp, an investor at the City of Dreams Manila casino resort (pictured) in the Philippines, has declared a cash dividend of PHP0.095 per share (US$0.002), for a total dividend payment of approximately PHP1.0 billion.

The dividend is payable on March 29, to shareholders on record as of March 14.

Belle’s principal assets include land and buildings located at Entertainment City in Manila. The latter area is home to a cluster of private sector casino resorts licensed by the Philippine Amusement and Gaming Corp, also known as Pagcor.

The land and buildings for City of Dreams Manila, one of those private sector resorts, are being leased on a long-term basis by Belle to Melco Crown Entertainment Ltd. The site has 6.2 hectares (15.3 acres) of land and more than 30 hectares in building gross floor area.

Belle also realises a share in earnings from City of Dreams Manila’s gaming operations through Belle’s 78.7-percent-owned subsidiary Premium Leisure Corp.

City of Dreams Manila, operated by a subsidiary of Melco Crown, includes approximately two hectares of gaming space, around 900 hotel rooms operated under three hotel brands (namely Crown, Hyatt and Nobu), the DreamPlay indoor amusement park and about two hectares of restaurant and retail space.