Philippines real estate firm Belle Corp saw its revenue fall 7% in the six months to 30 June 2019, negatively impacted by a decline in its lottery equipment business despite seeing gains from its share of revenue at City of Dreams Manila.
Releasing its half-year results late Friday, Belle Corp revealed that its 50.1%-owned subsidiary Pacific Online Systems Corporation had seen revenues fall 49% to Php559 million (US$10.9 million) due to competition from the Small Town Lottery.
Pacific Online leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for its lottery and keno operations.
“Pacific Online is working closely with the PCSO and its network of agents to boost the attractiveness of the pari-mutuel games it offers, and is working to implement cost efficiency measures across its operations,” said Belle Corp in a statement issued shortly before Philippines President Rodrigo Duterte show down the nation’s lotteries on Friday.
Belle Corp’s results were nevertheless aided by continued growth at City of Dreams Manila, with the company’s casino subsidiary, Premium Leisure Corp (PLC), booking a 9% increase its share in the gaming earnings of City of Dreams Manila to Php1.88 billion (US$36.8 million). PLC has a revenue share agreement with City of Dreams Manila operator Melco Resorts & Entertainment.
Belle Corp also saw a 4% increase in revenues from its real estate operations to Php1.75 billion of which Php1.33 billion came from the lease of the land and buildings comprising City of Dreams Manila to Melco – representing a 16% year-on-year increase.
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