Belle Corp., the leisure and gaming arm of the Sy Group, posted a consolidated net income of P524 million for the first quarter of 2026, up 13 percent from P462 million a year earlier, driven by steady gains across its gaming and property businesses.
Total revenues rose 9 percent to P1.42 billion from P1.30 billion in the same period last year, reflecting stronger contributions from its core segments. The company’s gaming-related income remained a key driver, supported by its stake in City of Dreams Manila through subsidiary Premium Leisure Corp..
Belle’s share in gaming revenues climbed 12 percent to P486 million from P433 million, signaling sustained activity at the integrated resort despite a competitive market environment. Meanwhile, lease revenues from land and buildings at City of Dreams Manila remained stable at P588 million, continuing to provide predictable income.
Outside gaming, Belle saw stronger momentum in its real estate portfolio. Revenues from Tagaytay Highlands jumped 57 percent to P143 million from P91 million, supported by improved property sales and estate activity. Income from distribution utilities within the estate also rose 18 percent to P72 million from P61 million.
Affiliate Pacific Online Systems Corp., majority-owned by Premium Leisure Corp., contributed stable revenues of P129 million for the quarter.
The results underscore Belle’s diversified income base, where recurring lease revenues and gaming exposure are complemented by cyclical but strengthening real estate operations. As tourism and leisure activity continue to recover, the company appears positioned to sustain earnings growth while maintaining stable cash flows from long-term lease arrangements.
