Belle 9-mo. revenue drops on lower online lottery sales
Belle Corp. said revenue and profit in the nine months to September were lower due to a decrease in revenue from a unit that leases online betting equipment.
Belle, which leases land to Melco Resorts & Entertainment’s City of Dreams Manila and benefits from a share of gaming revenue, said overall revenue was down 11 percent to PHP5.77 billion ($112.5 million). Net income was down 18 percent to PHP2.18 billion.
The company said its Pacific Online Systems unit, which leases equipment to the Philippines Charity Sweepstake Office (PCSO), saw a drop of more than 50 percent in revenue due to competition from small town lotteries.
Belle said its share of gaming revenue from City of Dreams was largely unchanged at PHP2.37 billion. Lease revenue from the City of Dreams buildings was up 16 percent at PHP2.0 billion.
The company said revenue at Pacific Online has also been affected by a temporary suspension of keno and lottery operations in the third quarter.
That suspension has now been lifted and Pacific Online is working with the PCSO to improve cost efficiencies and boost the attractiveness of its offerings.
Singapore police have busted at least two illegal gambling operations in the past week, while across Asia authorities have moved to stamp out illicit activities, from raids on premier league matches in India, to illegal number forecasting in Malaysia.