Henry Sy-owned property and development firm Belle Corporation announced that it was spinning off a handful of its gaming assets into subsidiary Sinophil Corporation as part of an in-house reorganization.
The once dormant holding firm will receive 100 percent of Belle Corp’s stakes in Premium Leisure Amusements Inc., which was given a license to build the City of Dreams Manila, plus 34.5 percent equity from its online lotto equipment operator Pacific Online Systems Corp. The news was announced by Belle in a statement released yesterday after the company’s board approved the transaction.
The infusion of business into Sinophil will turn it into an investment holding company handling Belle’s gaming-related assets. The writing was on the wall on Friday when Sinophil went on a voluntary trading suspension and Belle followed suit shortly thereafter.
Once the transfer of shares is complete, Sinophil takes full control of the company that holds Belle’s gaming license for City of Dreams Manila but will retain direct ownership of the land through rental income. It should also free up Belle to pursue other projects knowing that its gaming business will be in the hands of a sister company that will steer City of Dreams to success with foreign partner Melco Crown.
The $1.3 billion integrated resort and casino is expected to open its doors later this year, offering a plethora of leisure and entertainment options, including multiple luxury hotels with 950 rooms and a 20,000-square-meter gaming space featuring up to 365 gaming tables and 3,300 slot machines.
