Property and gaming company Belle Corp. said consolidated net income rose 10 percent in the first half to P917 million from P836 million a year ago, fueled by income share from City of Dreams Manila.
Belle said in a disclosure to the stock exchange first-half performance comprised 70 percent of its full-year 2015 recurring net income of P1.3 billion.
“The company’s operating growth in 2016 was fueled primarily by growth in its share in the gaming income of City of Dreams Manila, through 78.7-percent-owned subsidiary Premium Leisure Corp.,” Belle said.
PLC’s gaming income share in the first half almost doubled to P702 million from P361 million in the first half of 2015, due to the ramp-up in gaming operations of City of Dreams Manila, which held its grand opening in February 2015.
PLC has an operating agreement with Melco Crown Entertainment Ltd. that accords it a share of gaming revenues or earnings from City of Dreams Manila.
Belle also realized higher revenues from its lease of the land and buildings comprising City of Dreams Manila to MCE, with such revenues increasing 4 percent to P1.09 billion in the first half of 2016 from P1.05 billion in the first half of 2015.
Belle’s principal assets include land and buildings located at Pagcor Entertainment City in Parañaque City, which are being leased on a long-term basis to MCE.
This property is the site of the City of Dreams Manila’s gaming and resort operations, which encompasses 6.2 hectares of land and more than 30 hectares in building gross floor area.
Belle also owns significant real estate assets in and around Tagaytay City.
These assets consist of premium residential properties for sale and 800 hectares of land held for future development, which are near two exclusive world-class golf clubs and one country club built by the company.