Belle Corporation, the Philippine-listed parent company of Premium Leisure Corp (PLC), has announced that it saw a 24 percent yearly drop in gaming revenue from its share of City of Dreams Manila during the first half of the year, to PHP953 million ($16.43 million).
Belle earns a share of the gaming revenue from CoD Manila via its gaming subsidiaries.
It also brings in rental income from the lease of land and buildings making up CoD Manila, which it noted totaled some PHP1.16 billion ($20.22 million) during the period, up by 16 percent yearly.
Looking at other gaming income for Belle Corp, the group noted that it derived some PHP258.9 million ($4.51 million) in revenue via Pacific Online Systems Corporation, a subsidiary of PLC which leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for lottery operations. The figure was a 17 percent decrease year-on-year.
Total consolidated revenues for the company fell by some 6 percent compared to 2Q23, totaling PHP2.73 billion ($47.57 million), with net income dropping by one-third yearly, to PHP882.4 million ($15.37 million).
The group noted that ‘this decrease in bottomline figures is mainly brought about by the lower revenues, primarily coming from the lower revenues from gaming business units for the period’.
