ADVERTISEMENT
Manila Bulletin devider Business devider The Stock Market devider Belle profit rises 13% in Q1 on gaming, property growth

Belle profit rises 13% in Q1 on gaming, property growth

Published Apr 28, 2026 03:08 pm
Belle Corp. Co-vice Chairman Willy N. Ocier
Belle Corp. Co-vice Chairman Willy N. Ocier
Belle Corp., the high-end leisure and gaming arm of the SM Group, reported a double-digit rise in first-quarter profit as recovery in its gaming partnership and the surge in real estate sales cushioned the impact of heightening competition in the local casino market.
The firm reported to the Philippine Stock Exchange that the company’s realized consolidated net income grew 13 percent to ₱524 million in the first three months of the year compared with ₱462 million in the same period a year earlier.
Total revenues rose nine percent to ₱1.42 billion from ₱1.30 billion, driven largely by its share in the operations of City of Dreams Manila and revitalization of its luxury property holdings in Tagaytay.
Belle’s primary growth engine remains its subsidiary, Premium Leisure Corp., which holds a revenue-sharing agreement with Melco Resorts & Entertainment Ltd. for the City of Dreams Manila integrated resort.
Belle’s share of gaming revenues through Premium Leisure climbed 12 percent to ₱486 million during the quarter from ₱433 million a year ago, despite broader industry concerns regarding market saturation and shifting regional demand.
While the gaming share fluctuated, the company's lease income from the land and buildings housing the resort remained a steady contributor, holding firm at ₱588 million.
Beyond the casino floor, Belle said the company’s real estate segment in Tagaytay Highlands emerged as a significant outperformer as revenues jumped 57 percent to ₱143 million from ₱91 million, suggesting renewed appetite for luxury vacation homes outside the capital.
Ancillary services also tracked higher, with revenues from distribution utilities at the estate rising 18 percent to ₱72 million. Meanwhile, Pacific Online Systems Corp., the company’s lottery equipment unit, maintained a stable performance with ₱129 million in revenue.
The improved quarterly results for Belle provide a contrast to the recent struggles faced by the resort’s operator, Melco Resorts. While Melco has yet to disclose its full results for the start of 2026, the operator ended 2025 on a weaker note, citing “competitive pressures and industry headwinds” in the Philippines.
In the final quarter of 2025, operating revenues at City of Dreams Manila fell significantly, and adjusted EBITDA dropped more than 40 percent.
Analysts have noted a decoupling between the operator's bottom line and the payouts received by Belle. Abacus Securities Corp. pointed out that Belle’s specific revenue-sharing structure ensures its income does not strictly track the gross gaming revenues or the EBITDA of the casino, providing the SM-led firm with a degree of insulation from the operational volatility faced by Melco. (James A. Loyola)

Related Tags

Belle Corporation Pacific Online Services Corporation Tagaytay Highlands City of Dreams Manila Premium Leisure Corporation
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.