Premium Leisure Corp (PLC), a subsidiary of Philippines real estate firm Belle Corp, has reported net income of Php1.92 billion (US$33.7 million) for the nine months through 30 September 2023, up 57% year-on-year on what it describes as a “more robust economic environment” in 2023.
The primary contributor to PLC’s improved results was wholly-owned subsidiary Premium Leisure and Amusement Inc. (PLAI) which reported a 24% increase in in revenue to Php1.80 billion (US$31.6 million) thanks to its share in gaming revenue at City of Dreams Manila. This comprised the vast majority of PLC’s consolidated revenues of Php2.30 billion (US$40.3 million) for the first nine months of 2023.
According to the company’s financial statements, the rise in revenues was “because of the improvement in the City of Dreams Manila mass and VIP segment casino operations, due to software upgrades and additional gaming machines in 2023.”
PLC’s operating EBITDA for the period grew by 33% year-on-year to Php1.78 billion (US$31.2 million).
Another PLC subsidiary, Pacific Online Systems Corp (POSC) – which provides lottery terminals and software another for the Philippine Charity Sweepstakes Office (PCSO) – reported a 40% year-on-year increase in gross earnings to Php502 million (US$8.8 million) through September.
PLC is itself 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 Php2.00 billion (US$35.1 million) through September 2023 of which Php1.50 billion (US$26.3 million) was from its lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation, down 4% year-on-year.
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