Belle Corp, a co-licensee of Manila’s City of Dreams reported a fall of nearly 70 percent in net income in 2020 due to pandemic related restrictions and the Taal volcano eruption. 

Total revenues fell around 44 percent, which it said was due to the pandemic. 

“The effects of the Covid-19 pandemic began with declining tourist arrivals prior to the implementation of the community quarantines nationwide, and was compounded by the temporary suspension of gaming operations at City of Dreams Manila on March 16, 2020 in compliance with government initiatives to contain the virus,” said the company in an annual report published on Tuesday. 

The pandemic also caused weak results at Pacific Online Systems Corporation, which leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for their lottery and keno operations.