Belle Corporation, the Philippine-listed parent company and landlord of City of Dreams Manila, reported an 18 percent decline in its subsidiary’s share of gaming revenue during the first half of 2025, according to its latest financial results filed with the Philippine Stock Exchange.
Premium Leisure Corporation (PLC), a Belle subsidiary, recorded gaming revenue of PHP772.3 million ($13.5 million) in 1H25, down PHP170.7 million ($2.99 million) from PHP943 million ($16.5 million) registered in the same period last year.
The decline comes as Belle Corporation posted consolidated net income of PHP801 million ($14 million) for the six months ended June 30th, 2025, representing a 9 percent decrease from PHP882.4 million ($15.4 million) in the same period of 2024. The company attributed the lower net income to declining revenues, partially offset by reduced costs and expenses.
City of Dreams Manila operates under a revenue-sharing agreement between Belle Corporation’s subsidiary and Melco Resorts & Entertainment (Philippines) Corporation.
Belle’s consolidated revenues fell 10 percent to PHP2.47 billion ($43.3 million) in the first half of 2025, compared to PHP2.75 billion ($48.2 million) in the same period last year. Real estate operations contributed PHP1.44 billion ($25.3 million), a 7 percent decrease from PHP1.55 billion ($27.1 million) in 2024.
However, lease revenues from City of Dreams Manila remained resilient, reaching PHP1.17 billion ($20.6 million) in 1H25, a modest 1 percent increase from PHP1.16 billion ($20.3 million) the previous year.
The gaming revenue decline comes amid broader strategic developments for City of Dreams Manila. In February 2025, Melco Resorts & Entertainment indicated it was evaluating potential strategic alternatives for its involvement in the property, with Chairman Lawrence Ho noting the group’s shift toward an “asset-light” strategy.
Belle Corporation has clarified that it does not intend to acquire Melco’s interests should the casino operator exit the Philippines. Instead, Belle stated in January that it is pursuing Clark as a “strategic location” for future growth opportunities.
