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Manila Bulletin devider Business devider The Stock Market devider Tagaytay Highlands, City of Dreams gaming pull down Belle Corp.'s earnings

Tagaytay Highlands, City of Dreams gaming pull down Belle Corp.'s earnings

Published Jul 25, 2025 12:18 pm
Belle Corp. Co-vice Chairman Willy N. Ocier
Belle Corp. Co-vice Chairman Willy N. Ocier
Belle Corp., the SM Group’s leisure property and gaming unit, reported a nine percent dip in net income to ₱801 million in the first six months of 2025 from the ₱882.4 million recorded for the same period last year due to lower sales at Tagaytay Highlands and a decline in earnings of City of Dreams Manila.
In a disclosure to the Philippine Stock Exchange, the firm stated that the lower earnings were due to a decline in revenues, partly offset by a decrease in costs and expenses, as well as the return of Pacific Online Systems Corporation to profitability.
Belle recognized consolidated revenues of ₱2.47 billion for the first six months of 2025, a 10 percent decrease from the ₱2.75 billion generated in the same period last year.
Revenues from real estate operations decreased by seven percent to ₱1.44 billion for the period ended June 30, 2025, from ₱1.55 billion for the same period in 2024.
Belle’s revenues from leasing the City of Dreams Manila (CODM) to Melco Resorts and Entertainment (Philippines) Corporation (MRP) contributed ₱1.18 billion in the first semester of 2025, one percent higher than the revenues in the comparable period of ₱1.16 billion.
Sales of real estate and revenue from property management at the Tagaytay Highlands complex contributed revenues of ₱267.1 million as of the second quarter of 2025, which was 32 percent lower than its revenues as of the second quarter of 2024 of ₱390.1 million.
The share in gaming revenue at CODM of Belle’s subsidiary Premium Leisure Corporation (PLC) of ₱772.3 million as of the second quarter of 2025 decreased by 18 percent from ₱943.0 million in the same period in 2024.
Pacific Online which, through its 50 percent-owned joint venture operation PinoyLotto Technologies Corporation, leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for their lottery operations, posted revenues of ₱259.0 million in each of the comparable periods of 2025 and 2024. PLC owns 50.1 percent of Pacific Online.
Revenues in 2025 are the same with revenues of the same period in 2024 due to the fixed income received from the nationwide lottery system.
As a result, Pacific Online recognized net income amounting to ₱29.0 million for the six months ended June 30, 2025, compared to the ₱0.2 million net loss for the same period in 2024.

Related Tags

Belle Corporation City of Dreams Manila Prime Leisure Corporation Tagaytay Highlands Pacific Online Systems Corporation
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