Belle Corp said revenue fell 7 percent in the first half as gains from its share of revenue in City of Dreams Manila (CoD) failed to outweigh a decline in revenue at a unit that leases online betting equipment.
Total revenue at the company was PHP4.19 billion ($82.1 million). Revenue earned from its CoD share, via its Premium Leisure Corp unit, rose 9 percent to PHP1.88 billion. This was offset by a 49 percent decline at Pacific Online Systems, which leases equipment to the government-owned Philippines Charity Sweepstake Office (PCSO).
Belle said the drop was due to competition from the small town lottery and it’s now working closely with the PCSO to boost the attractiveness of its pari-mutuel games and to cut costs.
Premium Leisure’s Premium Leisure and Amusement Corp. has a direct share in earnings from CoD, which is controlled by Melco Resorts & Entertainment.
Net income fell to PHP1.72 billion from PHP1.94 billion.