Belle Corp’s consolidated revenues improved by 3 percent to PHP5.6 billion ($98.6 million) in 2023 from the PHP5.4 billion ($95.4 million) recorded in 2022. These were driven mainly by other gaming-related revenues (gaming revenue share and online betting equipment rental).
The company is an investor in City of Dreams Manila (CODM) and also operates in partnership with Melco Resorts and Entertainment (Philippines) Corporation (MRP).
According to the company’s annual report released to the Philippine Stock Exchange on Monday, casino revenue generated from its share of the gaming business at City of Dreams Manila rose by 50 percent year-on-year in 2023, to nearly PHP2.34 billion ($41.7 million).
“CODM saw improvements in both mass and VIP segments in 2023, as efforts progressed to grow its client base amid increasing local and international tourist arrivals and competition from other integrated resorts in Entertainment City Manila,” said Jackson T. Ongsip, President and CEO of Belle Corp.
In 2023, the company’s consolidated net income increased by 42 percent to PHP2.4 billion ($42.6 million) from the PHP1.7 billion ($30.1 million) recorded in 2022.
Meanwhile, Pacific Online Systems Corporation (Pacific Online), which is involved in the national gaming lottery sector by leasing online betting equipment and systems to the Philippine Charity Sweepstakes Office (PCSO) for its lottery operations nationwide, also posted higher revenues in 2023.
Pacific Online, a majority-owned subsidiary of PLC, achieved PHP599.2 million ($10.5 million) in 2023 revenues, 15 percent higher than the PHP519.1 million ($9.1 million) realized in 2022.
