Philippines real estate firm Belle Corp saw its share in gaming revenue from City of Dreams Manila fall by 12% year-on-year to Php1.32 billion (US$22.4 million) in the first nine months of 2025 combined, reflecting the challenges faced by Entertainment City operators from a decline in visitation and gaming volumes this year.
Belle Corp is a partner of Melco Resorts & Entertainment in City of Dreams Manila by virtue of owning the land upon which the integrated resort is located. Its gaming revenue share comprised 34% of group-wide revenues in the nine-month period, down from 37% during the same period last year.
However, Belle Corp saw the revenue it garnered from leasing the land to Melco increase by 1% year-on-year to Php1.76 billion (US$29.8 million) – increasing its revenue contribution from 43% to 45%.
Group-wide, Belle Corp saw its revenues fall by 5% during the first nine months of 2025 to Php3.88 billion (US$65.8 million), with net income down 14% to Php1.32 billion (US$22.4 million).
Most Manila casino operators have endured falling revenues in 2025, with Okada Manila reporting recently a 15.2% year-on-year fall in gross gaming revenues to Php6.98 billion (US$120 million) in 3Q25, impacted by the continued slide of the VIP table games segment.
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