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Manila Bulletin devider Business devider The Stock Market devider City of Dreams lease, gaming revenue lift Belle Corp's Q1 2025 profit

City of Dreams lease, gaming revenue lift Belle Corp's Q1 2025 profit

Published Apr 29, 2025 02:39 am
Tagaytay Highlands Resort.jpg
Belle's Tagaytay Highlands resort

The SM Group’s leisure developer and gaming firm Belle Corporation reported a five percent improvement in net income of ₱462.4 million in the first quarter of the year from the ₱439.7 million recorded for the same period in 2024.

In a disclosure to the Philippine Stock Exchange, the firm said that its improved bottom line is mainly driven by reduced costs and expenses, despite the lower revenues. Its gaming ventures also posted higher earnings.

Belle recognized consolidated revenues of ₱1.3 billion for the three months ended March 31, 2025, which was one percent lower than the ₱1.32 billion posted for the same period last year.

Revenues from real estate operations decreased by six percent to ₱739.7 million in the first three months of 2025 from ₱790.5 million for the same period last year.

city of dreams.jpg
City of Dreams Manila

Belle’s revenues from leasing the City of Dreams Manila (CODM) to Melco Resorts and Entertainment (Philippines) Corporation (MRP) contributed ₱588.0 million in 2025, one percent higher than the revenues in the comparable period last year of ₱580.2 million.

Real estate sales and property management revenues at the Tagaytay Highlands complex contributed revenues of ₱151.7 million as of the first quarter of 2025, which was 28 percent lower than its revenues of ₱210.3 million as of the first quarter of 2024.

The firm’s share in gaming revenue at CODM of Belle’s subsidiary, Premium Leisure Corporation (PLC), of ₱432.6 million as of the first quarter of 2025, up eight percent from ₱401.2 million in the same period in 2024.

Pacific Online Systems Corporation, which, through its 50 percent-owned joint venture operation, PinoyLotto Technologies Corporation, leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery operations, posted revenues of ₱129.5 million in each of the comparable periods of 2025 and 2024. PLC owns 50.1 percent of Pacific Online.

Cost of lease income decreased by three percent to ₱158.8 million for the current period from ₱164.0 million in 2024, as lower repairs and maintenance expenses were incurred for CODM in 2025.

Cost of real estate sold decreased by 13 percent to ₱52.7 million in the current period, from ₱60.9 million in 2024, due to a lower number of units sold during the period.

Cost of lottery services at Pacific Online decreased by three percent to ₱87.4 million in the current period from ₱90.1 million in 2024.

Cost of gaming operations is almost the same at ₱34.3 million in 2025 from ₱34.1 in the same period 2024 while cost of property management services decreased by 13 percent to ₱34.2 million for the current period, from ₱39.6 million for the 2024 period, mainly due to lower consumption during the period.

General and administrative expenses decreased by 19 percent to ₱315.9 million for the current period from ₱390.8 million in 2024 mainly due to general provisions booked in the prior year.

Interest expense and other finance charges increased to ₱171.7 million in 2025 from ₱145.3 million in 2024, mainly due to the higher number of outstanding loans during the period.

Debt outstanding amounted to ₱7.61 billion as of March 31, 2025, higher by 31 percent compared to ₱5.8 billion as of March 31, 2024.

Interest income is almost flat at ₱25.1 million in the current period compared to the ₱24.7 million in the 2024 period, while other income decreased to ₱2.9 million in the current period from ₱19.0 million in the 2024 period.

Related Tags

Premium Leisure Corp. Pacific Online Systems Corporation City of Dreams Manila Belle Corporation
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