Belle Corporation’s recurring net income of P2.94 billion for the nine months ended 30 September 2018 was 19 percent higher than the P2.47 billion reached for the same period in 2017.
Belle’s consolidated net income of P2.68 billion for the period was up only one percent compared to P2.65 billion achieved in the 2017 period, with the lower growth rate due mainly to one-time gains recorded that year from sales of non-core investments and properties.
Through its subsidiary, Premium Leisure Corporation (PLC), the company’s earnings before interest, taxes, depreciation and amortization (EBITDA) from its income share in the gaming operations of the City of Dreams Manila increased by 30 percent to P1.84 billion for the first nine months of 2018, from P1.42 billion for the comparable 2017 period.
PLC has an operating agreement with the Philippine affiliate of Melco Resorts and Entertainment Limited (Melco) that accords PLC a share of gaming revenues or earnings at City of Dreams Manila.
Belle also realized increased EBITDA from its real estate businesses of P1.79 billion for the first nine months this year, an 8 percent increase from more or less P1.66 billion for the 2017 period. A significant portion of this real estate-related EBITDA (P1.54 billion) was derived from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco, with the balance coming from sales of real estate products and property management activities at its Tagaytay Highlands and Midlands residential and leisure complexes south of Metro Manila.
Belle is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila in PAGCOR Entertainment City by the Manila Bay, which is being leased on a long-term basis to Melco. In addition to lease income, Belle is accorded a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between PLC and Melco. Belle also owns approximately one hectare of presently undeveloped land across from the City of Dreams Manila site.
South of Metro Manila, Belle owns significant real estate assets and develops premium residential resort projects around Tagaytay City. Among its exclusive destinations are the club and golf facilities and residential communities of Tagaytay Highlands and Tagaytay Midlands, as well as a further 800 hectares intended for future development.