Gaming, real estate drive Belle revenue up to record high

MANILA, Philippines — Higher contributions from gaming and real estate businesses helped listed Belle Corp. book record high revenues last year, despite lower earnings due to the absence of one-off gains and non-recurring items.

Belle recorded a six percent increase in consolidated revenues to P8.5 billion last year from P8 billion in 2017, translating to a 10 percent increase in recurring net income to P3.6 billon from P3.3 billion.

“Belle’s revenues and recurring net income for 2018 were both record levels, driven primarily by growth in gaming revenues,” the company said in a statement.

However, the company’s consolidated net income dropped eight percent to P3.2 billion last year from P3.5 billion a year ago due to capital gains on sales of non-core investments and extraordinary items recorded in 2017

Through its subsidiary Premium Leisure Corp. (PLC), Belle reported a 23 percent jump in its share of gaming earnings from City of Dreams Manila to P3.2 billion from P2.6 billion.

Likewise, its real estate business also contributed to its banner year with P3.4 billion in revenues, nine percent higher than the P3.1 billion registered in 2017.

Of the total amount, Belle said P2.4 billion came from lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corp.

Its real estate sales and property management activities at its Tagaytay Highlands and Midlands residential and leisure complexes contributed the balance of P979 million, 19 percent higher than the previous year.

Belle is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila in Pagcor Entertainment City by Manila Bay, which is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corp. (Melco).

In addition to lease income, Belle is accorded a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between PLC where it has 78.7 percent stake and Melco.

Belle also owns approximately one hectare of presently undeveloped land across from the City of Dreams Manila site.

The listed firm also owns significant real estate assets and develops premium residential resort projects around Tagaytay City.

Among its exclusive destinations are the club and golf facilities and residential communities of Tagaytay Highlands and Tagaytay Midlands, as well as a 800 hectares property intended for future development.