Belle Corporation new report shows an increase of 12% ($10.48 million) with total earnings coming in at $7.98 million for Q1. The revenue generated from gaming and property-related operations is a significant part of Belle’s total income as CODM is still the primary contributor.
Belle recorded additional lease income ($9.70 million) from the CODM site under a long-term lease with Melco Resorts and Entertainment (Philippines) Corporation. This brought Belle’s total revenues to $23.3 million for Q1 FY2021, a 9 percent year-over-year increase. The revenue increase can be attributed to both gaming and non-gaming revenue.
Tagaytay Highlands revenue increased 57% to $2.4 million. Utilities also reported an 18 percent increase in revenue to $1.2 million. In contrast to Belle’s performance, Pacific Online Systems Corporation (POSC), which Premium Leisure owns 50.1 percent, generated approximately $2.10 million in revenue, remaining consistent with the previous year.
Despite Belle’s success, the overall gaming sector in the Philippines is under pressure from an increase in online gaming, along with changing tourism patterns, which is negatively affecting land-based casino performance.
Belle’s primary asset remains CODM, supporting Belle’s unique operating model consisting of a combination of gaming participation, lease revenue and property development.
Chairman and Chief Executive Officer Lawrence Ho said:
We have also concluded our evaluation of the strategic alternatives for COD Manila. Although we considered various alternatives, we did not feel that any of those options would allow the value and potential of the property to be fully realised. We are confident that business will rebound and we may reevaluate the situation in the future.
