Belle Corporation, the Philippine-listed parent company of Premium Leisure Corp., and landlord of City of Dreams Manila, has clarified that it does not plan to buy out Melco Resorts & Entertainment’s interests in the property if it chooses to exit the Philippines.
In a statement to the Philippine Stock Exchange (PSE) on Monday, Belle Corp noted that it could not confirm a possible exit of Melco from the Philippines but that ‘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’.
Melco, in its recently published results, indicated that it was evaluating potential strategic alternatives regarding its involvement in City of Dreams Manila, with its Chairman Lawrence Ho noting the group was going for an ‘asset-light’ strategy.
Belle Corp indicated in January that it was pursuing Clark as a “strategic location” for further growth. The group’s recent financial results showed rises in revenue and net income for FY24, with Belle approving a cash dividend due to its business performance in 2024.
Melco, similarly saw strong results in 2024 – largely driven by its Macau operations.
The group had previously expressed interest in entering the Thailand market, if casinos are legalized. It is also currently finishing its development of a casino in City of Dreams Sri Lanka, which it expects to open in the third quarter of this year.
