Net income of leisure estate and gaming company Belle Corporation dropped by 39 percent in the first nine months of 2015, due to one-off revenues from the previous year.
The company said its profit fell to P1.14 billion ($23.4 million) for the period ending in September from P1.86 billion ($39.69 million) in the same period in 2014. Belle, however, was quick to point out that last year’s figures included a P1.2 billion ($25.61 million) accounting for the probable losses of its unit Premium Leisure Corp. (PLC).
Without the adjustment, Belle chief finance officer Manuel Gana said the company’s profit is about 80 percent higher than last year’s recurring net income of P631.1 million ($13.47 million).
“The company’s operating growth in 2015 was attributable to higher revenue from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Limited (MCE), higher income from sales of real estate and increased income contributed by its listed subsidiaries—PLC and Pacific Online Systems Corp.,” Gana said in a statement.
Belle’s operating revenues also hit P4 billion ($85.36 million), which is 150 percent higher than last year’s P1.6 billion ($34.14 million).
The company’s principal assets include properties at the Philippine Amusement and Gaming Corporation’s (PAGCOR) Entertainment City in Paranaque City, which are being leased on a long-term basis to MCE. The 6.2 hectares of land is the site of the City of Dreams Manila gaming and resorts operations.
“PLC’s operations during 2015 were highlighted by the grand opening of City of Dreams Manila on February 2, 2015. PLC has an operating agreement with MCE that accords it a share of gaming revenues or earnings at City of Dreams Manila,” Belle said in a statement.
The leisure estate and gaming company previously said it is interested in bidding for new licenses, particularly for “any casinos outside Metro Manila.”
PAGCOR, however, said it will not offer any new license until all four Entertainment City projects are completed. So far, only the City of Dreams Manila and Bloomberry Resorts’ Solaire Resort are in operation.
The third project—Universal Corporation’s $2 billion Manila Bay Resorts—is scheduled to open in December 2016, while the fourth project—Genting Group and Alliance Global Group’s Resorts World Bayshore—is expected to be completed by 2018.
