Belle Corp, the Philippine-listed parent company of Premium Leisure Corp (PLC) saw a 17 percent contraction in its share of gaming revenue from City of Dreams Manila during the first nine months of the year.
According to results published on Thursday, gaming revenue for the group amounted to PHP1.49 billion ($25.67 million), amounting to 37 percent of the group’s total revenues, down from 42 percent in the same period of 2023.
However, the group saw an increase in its revenues from leasing City of Dreams Manila to a Melco Resorts subsidiary, with revenue up 16 percent yearly, to PHP1.74 billion ($29.83 million).
While total revenues of the group fell by just 5 percent yearly, to PHP4.1 billion ($70.34 million), net income fell by some 22 percent, to nearly PHP1.53 billion ($26.22 million), which the group notes ‘is mainly attributed to lower revenues from the gaming units’.
The group also has a 50 percent joint venture with Pacific Online Systems Corporation (POSC) through which it leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for their lottery operations.
During the nine months, the segment generated revenues of PHP398 million ($6.83 million), a 21 percent drop from the same period in 2023.
Belle Corp also operates real estate and property management operations. The group’s segment revenue fell by some 7 percent yearly during the period, to PHP464.2 million ($7.96 million).
