City of Dreams Manila drives Philippines partner Belle Corp to solid 1H

first_imgPhilippines real estate and gaming investor Belle Corporation saw its net income grow 11% to Php1.73 billion (US$32.5 million) in the six months to 30 June 2018, buoyed by the continued strong performance of City of Dreams Manila.In a filing to the Philippines Stock Exchange, Belle Corp announced total revenue of Php4.52 billion (US$84.9 million) in 1H18, with its revenue share in operations at City of Dreams Manila up 18% year-on-year to Php1.73 billion. Belle Corp’s 78.7%-owned subsidiary Premium Leisure Corporation (PLC) has an income sharing agreement with City of Dreams Manila operator Melco Resorts (Philippines). Lack of Cotai presence stings as VIP decline sees SJM lose more market share in 2Q19 Belle Corp also booked a 3% increase in revenue from the leasing of the land and buildings comprising City of Dreams Manila to Php1.06 billion. In total, City of Dreams contributed almost 62% of Belle Corp’s total revenue in 1H18.The company EBITDA from its gaming income share at City of Dreams rose 42% to Php 1.34 billion, while its real estate EBITDA grew 11% to Php 1.19 billion of which Php1.02 billion was derived from Belle’s lease land to Melco. Load More High VIP win rate keeps Genting Singapore’s 2Q19 results respectable despite 5% profit fall RelatedPosts Caesars slips back into loss in 2Q19 but US properties showing growth ahead of Eldorado mergerlast_img read more