Belle Q1 profit rises on City of Dreams Manila performance

City of Dreams Manila operates under a partnership between Belle and Melco Resorts & Entertainment Limited.

The Philippines.- The gaming property developer Belle Corporation has reported that consolidated net income rose 13 per cent year on year to Php524m (US$8.60m) for the three months ended March 31. Total revenues increased 9 per cent year on year to Php1.42bn (US$23.29m).

The main driver was City of Dreams Manila, the integrated resort in Parañaque operated by Melco Resorts & Entertainment. Through subsidiary Premium Leisure Corp. (PLC), Belle’s gaming revenue share rose 12 per cent year on year to Php486m (US$7.97m). Lease income from the land and building of the resort remained steady at Php588m (US$9.64m).

Beyond its gaming-linked income, Belle’s Tagaytay Highlands real estate operations recorded revenue of Php143m (US$2.35m), up 57 per cent from Php91m (US$1.49m) a year earlier. Distribution utility revenues increased 18 per cent to Php72m (US$1.18m). Pacific Online Systems Corporation, which is 50.1 per cent owned by PLC, reported stable revenues of Php129m (US$2.12m) for the quarter.

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City of Dreams Manila operates under a partnership between Belle and Melco Resorts & Entertainment Limited. The Philippines.- The gaming property developer Belle Corporation has reported that consolidated net income rose 13 per cent year on year to Php524m (US$8.60m) for the three months ended March 31. Total revenues increased 9 per cent year on…