Belle Corp., the owner of prominent properties such as City of Dreams Manila and Tagaytay Highlands, remains confident about its long-term growth potential, especially in the Philippine gaming sector, despite a dip in its 2024 earnings.
In a recent statement, president and CEO Armin Antonio B. Raquel-Santos expressed optimism over the company’s resilience amid industry headwinds, highlighting the promising prospects of the Philippine gaming market. He pointed to Clark, Pampanga, as an emerging gaming and tourism hub, where Belle plans to develop a new integrated resort.
In July, Belle, through its gaming-focused subsidiary, Premium Leisure Corp. (98.26 percent owned), applied for a gaming license to build a facility at the former American air base. Raquel-Santos emphasized that Belle continues to explore high-growth opportunities within the gaming space, focusing on ventures that will enhance shareholder value and meet its commitments to stakeholders.
While the company remains bullish on future prospects, its performance for the first nine months of 2024 reflected challenges. Net income decreased by 22 percent, dropping to ₱1.52 billion from ₱1.96 billion in the previous year, primarily due to a weaker contribution from its gaming units. Consolidated revenues were down 5 percent, totaling ₱4.1 billion, compared to ₱4.3 billion in 2023.
However, Belle’s real estate operations showed growth. Revenue from real estate rose by 10 percent to ₱2.2 billion, driven by higher leasing income from City of Dreams Manila. Leasing income from the property to Melco Resorts and Entertainment (Philippines) Corp. surged 16 percent to ₱1.74 billion, up from ₱1.5 billion in 2023. Conversely, real estate sales and property management revenues at Tagaytay Highlands saw a 7 percent decline, falling to ₱464.2 million.
Belle’s gaming revenue faced a downturn, with its share from Premium Leisure dropping 17 percent to ₱1.49 billion, and its share from Pacific Online falling by 21 percent to ₱398 million. Premium Leisure owns 50.1 percent of Pacific Online, which leases online betting equipment to the Philippine Charity Sweepstakes Office for its lottery operations.
Despite these challenges, Belle earned recognition for its corporate transparency. The company won the silver award in the mid and small-cap companies category at the 9th Asia Integrated Reporting Awards, marking its first-ever Asian recognition. Raquel-Santos attributed the win to the company’s strong commitment to transparent and balanced reporting, saying, “This achievement highlights our dedication to providing accurate, decision-useful information to our stakeholders.”
