Philippines-listed Belle Corp, a co-licensee of Manila’s City of Dreams casino reported an 84 percent rise in net income for the first nine months of 2021, reaching P693.5 million US$13.8 million).
However, the nine-month period also saw the company swinging to a loss of P351.3 million, compared to an income of P72.2 million in 2020.
“The effects of the Covid-19 pandemic began in early 2020 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,” the company said.
Its shares of gaming revenues from City of Dreams Manila tripled in the nine-month period to P967.2 million, due to casinos having been allowed to open for a longer period of time accumulative in 2021 than they did in 2020. Though Belle Corp said that there were still substantial limitations due to the continuing Covid-19 pandemic.
Pacific Online System Corp, its lottery unit, also saw earning gain in 2021, with revenues increasing 37 percent year-on-year.