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GGRAsia – Belle 1H net profit up 15pct, as CoD Manila biz ramps up ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
Belle Corp’s first-quarter income from gaming revenue fell 3.1 percent year-on-year, to PHP431.1 million (US$9.0 million), the firm said in a Friday filing to the Philippine Stock Exchange. Belle is entitled to a share in revenues or earnings from City of Dreams Manila’s gaming operations through an operating agreement between Belle’s 78.7-percent -owned subsidiary Premium Leisure Corp, and a unit of Melco Resorts and Entertainment Ltd. The share in the gaming revenues at City of Dreams Manila declined “as gaming operations continued to be substantially limited during the first quarter of 2021,” stated the company. Metro Manila casinos – including the City of Dreams Manila resort – had been permitted to operate at a maximum 30 percent of normal capacity since early June 2020, depending on the local situation regarding the pandemic. But these venues have been shut since late March, because of more stringent quarantine rules in the country. ....
Belle Corp’s 2020 income from gaming revenue fell 78.7 percent year-on-year, the firm said in a Tuesday filing to the Philippine Stock Exchange. The group has an interest in the gaming business of the City of Dreams (CoD) Manila casino resort (pictured), operated in the Philippine capital by a unit of Melco Resorts and Entertainment Ltd. Such gaming revenue accruing to Belle Corp in 2020 was PHP635.2 million (US$13.2 million), versus PHP2.97 billion in 2019. “The effects of the Covid-19 pandemic began with declining tourist arrivals” to the country – a target market for City of Dreams Manila – “prior to the implementation of the community quarantines nationwide,” said Belle Corp in its annual report. ....