Belle Corp Q2 gaming revenue dropped 37% as the company reported lower earnings from City of Dreams Manila. The figure fell to PHP383.1 million (US$6.6 million), down from PHP608.5 million in the same quarter last year.
The company said the decline came from lower gaming earnings at the property. It receives a share of gaming income through its lease agreement with Melco Resorts. Melco operates the integrated resort in Manila’s Entertainment City.
Despite the gaming slump, Belle’s total consolidated revenue rose 8% year-on-year. It reached PHP1.25 billion for the second quarter. The increase came mainly from Pacific Online Systems Corp, which leases lottery systems to the Philippine Charity Sweepstakes Office. This unit posted a 70% year-on-year revenue jump.
Belle’s net income also improved. The firm posted PHP384.6 million in second-quarter profit, up from PHP352.2 million last year. Meanwhile, net income for the first half grew 9% year-on-year, reaching PHP761.3 million.
City of Dreams Manila reopened to full capacity after pandemic restrictions eased. However, Belle noted that gaming volumes remained soft compared to pre-pandemic levels.
The company said it continues to support Melco’s efforts to drive growth and recover traffic. Belle holds the land and buildings of City of Dreams Manila through its subsidiary, Premium Leisure Corp.
As the market stabilizes, Belle aims to diversify further and maximize value from its gaming and non-gaming assets.
