Philippine real estate firm Belle Corp reported a 33% decline in net income to Php882.4 million (US$15.4 million) in the three months to 30 June 2024, primarily due to a lower share in gaming revenues from its subsidiary Premium Leisure Corp (PLC).
PLC is a joint venture partner with Melco Resorts & Entertainment (Philippines) in City of Dreams Manila and derives a share in gaming revenues from the integrated resort. According to information filed by Belle Corp on Thursday, this share declined by 24% year-on-year to Php943.0 million (US$16.4 million).
PLC’s subsidiary Pacific Online Systems Corporation, which leases betting equipment to the Philippine Charity Sweepstakes Office, also reported a 17% decrease in revenue to Php258.9 million (US$4.5 million).
However, Belle Corp reported a 14% increase in revenue from its real estate operations to Php1.53 billion (US$26.7 million) including a 16% increase in revenue derived from the lease of the land and buildings comprising City of Dreams Manila to Melco Resorts. This CoD lease revenue amounted to Php1.16 billion (US$20.2 million) for the quarter.
Total consolidated revenues for Belle Corp in Q2 fell by 6% year-on-year to Php2.73 billion (US$47.6 million).
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