Philippines real estate firm Belle Corp reported a 105% increase in its share from gaming revenues at City of Dreams Manila in 2021, aided by an improved performance from the integrated resort.
According to details contained within Belle Corp’s Annual Report, made public this week, gaming revenue share climbed from Php635.2 million (US$12.1 million) in 2020 to Php1.30 billion (US$24.9 million) in 2021. This was in stark contrast to most of the company’s business segments, with group-wide revenue down 18% year-on-year to Php3.42 billion (US$65.4 million). As a result, gaming revenue comprised 38% of Belle Corp’s total revenue in 2021, up from just 15% in 2020.
Melco Resorts & Entertainment earlier this month reported a 31.5% increase in operating revenues at City of Dreams Manila in 4Q21 to US$83.9 million, which it attributed to improved performance in the mass market table games and gaming machine segments.
While gaming improved, Belle saw net income fall 16% year-on-year to Php745.2 million (US$14.3 million), primarily due to COVID-19 restrictions impacting real estate leasing operations.
The company’s real estate revenues declined by 47% from to Php1.69 billion (US$32.3 million) in 2021 of which Php807.9 million (US$15.5 million) was derived from its lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation. This was 70% lower than revenues of Php2.66 billion (US$50.8 million) from City of Dreams Manila in 2020.
Pacific Online Systems Corporation, the subsidiary that leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for their lottery and keno operations, posted a 30% increase in revenues to Php426.3 million (US$8.2 million).
The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.
In the February issue of Inside Asian Gaming, David Green noted the absence of any legislation around sports betting among…
Much like the long-running saga of Japan’s integrated resorts, authorities in Thailand are again looking into the possibility of legalizing…
Ryan Hong-Wai Ho takes a closer look at the issue of Macau’s satellite casinos and how amendments to the city’s…
More than two years on from the last time the gaming industry got together for a trade show in Asia,…
Philippines President Rodrigo Duterte says he does not want to see the nation’s e-sabong operations suspended due to the revenue the popular pastime generates for the government. His comments follow calls from the senate to suspend e-sabong while an investigation…
The Superior Court of the Commonwealth of the Northern Mariana Islands has found that the Commonwealth Casino Commission was justified in suspending the casino license of Imperial Pacific International (CNMI) LLC last April. The court’s decision, handed down by Superior…
Public hearings into the suitability of Australia’s Star Entertainment Group to retain its casino license for The Star Sydney got off to a rocky start on Thursday after a senior manager conceded the company had willingly disguised around AU$900 million…
The number of visitors entering Macau fell 5.6% month-on-month in February, impacted by COVID-19 outbreaks and related travel restrictions across parts of mainland China. According to information from the Statistics and Census Service (DSEC), there were 655,505 visitor arrivals in…
© 2005-2022
Inside Asian Gaming.
All rights reserved.
© 2005-2022
Inside Asian Gaming.
All rights reserved.
