Sinophil’s transformation from a dormant company, with undeveloped properties, into the holding company for the SM Group’s gaming assets is completed.
In a regulatory filing, Sinophil indicated it had purchased 50,000 PLAI common shares worth P10.84 billion ($249 million) and a 34.5 percent stake in lotto equipment provider Online Systems Corp from its parent firm Belle Corp. Pacific Online is another SM-owned company that holds the exclusive license to distribute lotto equipment in Visayas and Mindanao islands in the Philippines.
With these transactions, Sinophil is now the SM Group’s gaming investment-holding firm with the potential to be a huge player in the Philippine gambling industry. It is a huge change for the company incorporated as Sinophil Exploration Co. for the purpose of oil and gas exploration 21 years ago.
Belle will now focus on its new role as a real estate developer. It acquired membership shares in Tagaytay Midlands Golf Club Inc., a lot located within the Aseana Business Park at the Manila Bay Reclamation Area, several parcels of land in The Parks at Saratoga Hills within the Tagaytay Midlands complex south of the capital and an undeveloped piece of land in Tanauan, Batangas. The company will also retain ownership of the land where City of Dreams Manila was built and will continue to receive rental income from PLAI.
Belle Corp warmed up to its new role after announcing that it has had preliminary discussions with land owners near City of Dreams Manila on the possibility of acquiring these lands in case the integrated resort and casino expands in the future. In the meantime, Belle still owns a 4,000 square meter plot of land beside City of Dreams and any talks of expansion will likely begin by using that empty space.
