Belle Corp’s net income is down 31 percent to $31.9 million (P1.66 billion) for the first half of 2014 in the absence of Melco Crown Entertainment termination fee income of P949 million, paid as lease of Belle’s property to be used for the City of Dreams Manila project. Excluding the one-time termination fee, Belle’s net income for 14H1 would have been P151.8 million, or up 59 percent from the P259.3 million adjusted net income for the same period.
Belle Corp reiterated in the filing that City of Dreams Manila is set to open on the fourth quarter of 2014 having devoted significant resources to that effect. Melco Crown will operate the integrated resort through an operating agreement with Belle and Premium Leisure and Amusement Inc (PLAI).
Belle also shed off its gaming assets into subsidiary Sinophil Corp, earlier this year, with the latter fully acquiring PLAI and 34.5 percent stake in Pacific Online Systems Corp.
Nonetheless Belle will continue to receive rental income as it maintains direct ownership of the land and building where City of Dreams Manila is being built.
Gross revenue from sales of real estate and club shares were up 23 percent to P101.80 million from P82.60 million last year. The company also posted a 17 percent increase on gross revenue from property management services to P66.20 million from P56.80 million in the first half of the previous year.