Premium Leisure Corp (PLC), a subsidiary of Philippines real estate firm Belle Corp, reported Thursday net income of Php1.25 billion (US$22.9 million) in the three months to 30 June 2023, up 49% on the Php836.9 million (US$15.3 million) recorded in 2Q22.
The primary contributor to PLC’s improved results was wholly-owned subsidiary Premium Leisure and Amusement Inc. (PLAI) which reported a 28% increase in gross income to Php1.24 billion (US$22.7 million) thanks to its share in gaming revenue at City of Dreams Manila.
Separately, equipment lease income from PLC’s 50.1% owned subsidiary, Pacific Online Systems Corporation (POSC), increased by 57% year-on-year to Php343.4 million (US$6.3 million) in the second quarter of 2023.
Group-wide operating EBITDA also climbed by 35% to Php1.28 billion (US$23.4 million).
PLC is a subsidiary of Philippines real estate firm Belle Corp, which owns the land upon which City of Dreams Manila sits. Aside from PLC’s revenue share agreement, Belle Corp also earns rent from Melco Resorts and Entertainment (Philippines) Corporation for use of the land.
In a separate filing, Belle Corp said it derived real estate revenues of Php1.35 billion (US$24.7 million) in 2Q23 of which Php1.0 billion (US$18.3 million) was from its lease of the land and buildings comprising City of Dreams Manila.
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