Belle Corp gaming revenue falls

The company’s casino revenue from City of Dreams Manila decreased by 12 per cent year-on-year.

The Philippines.- The tourism and leisure developer Belle Corp, a co-licensee of City of Dreams in Manila, has reported that its share of casino revenue was down 12 per cent year-on-year to PHP1.23bn (US$22.4m) in the January-September period.

Its revenue from leasing City of Dreams Manila to Melco Resorts stood at PHP1.76bn (US$29.6m) for the first nine months of the year, up 1.3 per cent. Aggregate net income for the nine months to September 30 was PHP1.32bn (US$22.4m), representing a year-on-year decrease of 13.6 per cent.

In March, Belle Corp. announced that it has no intention to acquire Melco Resorts & Entertainment’s interests in City of Dreams Manila in the near future. The company issued a statement after an article in the Philippine Daily Inquirer suggested that Belle Corp would be the “most logical buyer” if Melco chose to leave the deal under which it operates the gaming area at the integrated resort.

The article cited unnamed sources saying that Belle would be interested “if the price were right”. However Belle Corp said in a statement: “Please be advised that while Belle is not in a position to confirm the accuracy of the statements about a possible exit of Melco from the Philippines, it can confirm that any buy-out of Melco’s interests in COD Manila is not part of Belle’s plans for the immediate future.”

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The company’s casino revenue from City of Dreams Manila decreased by 12 per cent year-on-year. The Philippines.- The tourism and leisure developer Belle Corp, a co-licensee of City of Dreams…