Belle Corp, the Philippine-listed parent company of Premium Leisure Corp (PLC), reported a 17 percent decline in its share of gaming revenue from City of Dreams Manila for the first nine months of 2024. This performance reflects ongoing volatility in the gaming sector and underscores the evolving challenges within integrated resort operations.
According to Thursday’s financial disclosure, Belle Corp gaming revenue 2024 totaled PHP1.49 billion (USD 25.67 million). Although this still represented 37 percent of total group revenues, it marked a notable drop from the 42 percent share reported during the same period in 2023.
In contrast, Belle Corp’s leasing revenue showed resilience. The company, which leases City of Dreams Manila to a Melco Resorts subsidiary, recorded a 16 percent year-on-year increase in leasing income, reaching PHP1.74 billion (USD 29.83 million). This growth helped soften the overall impact of weaker gaming contributions.
Nevertheless, the group’s consolidated revenues slipped by 5 percent year-on-year, totaling PHP4.1 billion (USD 70.34 million). Meanwhile, net income fell by 22 percent to PHP1.53 billion (USD 26.22 million), driven primarily by the sharp decline in gaming-related income.
Belle Corp also operates in the lottery space through a 50 percent joint venture with Pacific Online Systems Corporation (POSC). This segment supplies online betting equipment to the Philippine Charity Sweepstakes Office (PCSO). However, revenue from this business dropped 21 percent to PHP398 million (USD 6.83 million), reflecting headwinds in the broader betting sector.
Additionally, the company’s real estate and property management division reported a 7 percent decline in revenue, bringing in PHP464.2 million (USD 7.96 million) over the same period.
Despite challenges in several segments, Belle Corp continues to adapt its strategy as it navigates through 2024’s financial landscape. Investors and analysts will likely monitor whether a recovery in gaming and betting can offset continued declines in non-core businesses.
