Belle Corporation reported a 12 percent year-on-year increase in its share of gaming revenues from City of Dreams Manila in the first quarter of 2026, reaching PHP486 million ($8 million), according to a filing with the Philippine Stock Exchange.
The growth reflects the continued contribution of City of Dreams Manila to Belle’s earnings, driven by its stake in Premium Leisure Corp. (PLC), which holds the gaming revenue share through its subsidiary Premium Leisure and Amusement, Inc.
The increase comes amid a challenging operating environment for the Philippine gaming sector, as land-based casinos face intensifying competition from online platforms alongside fluctuations in inbound tourism.
City of Dreams Manila remains a key income driver for Belle, alongside stable lease revenues from the integrated resort’s land and buildings, which totaled PHP588 million ($9.7 million) during the period. The property, located in Entertainment City, is operated by Melco Resorts and Entertainment (Philippines) Corporation under a long-term lease agreement, with Belle acting as both landlord and gaming revenue participant.
Overall, Belle reported consolidated net income of PHP524 million ($8.6 million) for the three months ended March 31st, up 13 percent from PHP462 million ($7.6 million) a year earlier. Total revenues rose 9 percent year-on-year to PHP1.42 billion ($23.4 million), supported by higher contributions from both gaming and non-gaming segments.
Beyond its exposure to City of Dreams Manila, Belle’s real estate operations also recorded notable growth. Revenues from its Tagaytay Highlands developments increased by 57 percent to PHP143 million ($2.4 million), while income from distribution utilities rose 18 percent to PHP72 million ($1.2 million).
Meanwhile, Pacific Online Systems Corporation, a lottery equipment leasing business in which PLC holds a 50.1 percent stake, delivered stable revenues of PHP129 million ($2.1 million) for the quarter.
Belle Corporation is a Philippine-listed developer of gaming and leisure properties, with its core assets centered on City of Dreams Manila and premium residential developments in Tagaytay.
The company derives income from a combination of lease agreements, gaming revenue participation, and real estate sales, positioning it as a hybrid property and gaming investment vehicle within the Philippine market.
