HENRY Sy-led Belle Corp.’s consolidated net income for the first nine months of 2017 jumped 42 percent to P2.7 billion on the back of strong revenue growth from City of Dreams Manila.
Excluding capital gains on sales of non-core investments, Belle’s recurring net income of P2.5 billion in the same period was 64 percent higher than last year’s P1.5 billion.
“The company’s operating growth in 2017 was fueled primarily by growth in its revenues from City of Dreams Manila. Its share in the gaming income of City of Dreams Manila, through its 78.7 percent-owned subsidiary, Premium Leisure Corp., almost doubled to P2.16 billion for the current period, from P1.11 billion for the prior period,” Belle told the Philippine Stock Exchange on Friday.
Premium Leisure Corp. (PLC) has an operating agreement with Melco Resorts and Entertainment (Philippines) Corp. that entitles PLC to a share of the gaming revenues from City of Dreams Manila.
Meanwhile, Belle’s total real estate-related revenues grew 10 percent to P2.4 billion from last year’s P2.1 billion.
Of the said amount, P1.7 billion came from Belle’s lease of the land and building comprising City of Dreams to Melco, while the balance of P683 million was derived from sales of real estate products and management activities at its Tagaytay Highlands and Midlands residential and leisure complexes south of Metro Manila.
Belle Corp is engaged in the property development and casino operations business. Its principal assets include land and buildings located at PAGCOR Entertainment City in Paranaque City, where the City of Dreams is located.