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Manila Bulletin devider Business devider The Stock Market devider Belle Corp. posts steady earnings despite City of Dreams challenges

Belle Corp. posts steady earnings despite City of Dreams challenges

Published Feb 24, 2025 01:51 am

Leisure developer and gaming firm Belle Corporation reported an almost flat consolidated net income in 2024 amounting to ₱2.43 billion from the ₱2.42 billion it earned in 2023.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated recurring net income grew seven percent in 2024 to ₱2.44 billion from ₱2.28 billion in 2023.

Consolidated revenues increased by five percent to ₱5.89 billion last year from ₱5.6 billion in 2023. Revenues were boosted by the 21.6 percent growth in lease income to ₱2.42 billion last year from ₱1.99 billion in 2023 as its share in gaming revenue dipped 2.1 percent to ₱2.29 billion from ₱2.34 billion.

Revenues from equipment rental also declined to ₱527.48 million from ₱599.22 million while revenues from the sale of real estate dropped to ₱202.86 million from ₱302.59 million.

“In 2024, the Belle Group remained profitable due to the resilience of our businesses, strategic focus and healthy balance sheet,” said Belle President and CEO Armin Raquel Santos.

He noted that, “Relying on our tried and tested business models, we worked with our management teams, employees and business partners to provide the finer things in life to our loyal patrons and customers.”

Belle also reported that its board of directors has approved the declaration of a regular cash dividend of ₱0.06 per share for a total dividend payment to its common shareholders of approximately ₱582 million payable on March 21, 2025, to shareholders of record as of March 7, 2025.

Belle is a developer of world-class resort destinations, gaming, and leisure properties in the Philippines such as City of Dreams Manila and Tagaytay Highlands.

Its integrated resort in Philippine Amusement and Gaming Corporation's (PAGCOR) Entertainment City is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corporation (Melco), which holds an operating agreement with Premium Leisure Corporation's (PLC) wholly owned subsidiary PremiumLeisure and Amusement Inc.

Aside from lease income, Belle earns gross gaming revenues from City of Dreams Manila through its 99.55 percent ownership in PLC and owns approximately 1.5 hectares of presently undeveloped land from across the site.

Belle also owns significant real estate assets in the Tagaytay Highlands, Midlands, and Greenlands complexes where it develops premium residential resort projects south of Metro Manila and holds majority proprietary shares in their exclusive club and golf facilities.

The firm also controls gaming firm Pacific Online Systems Corporation through the 50.1 percent ownership of PLC.

Related Tags

Premium Leisure Corp. Armin Raquel Santos City of Dreams Manila Belle Corporation
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