Belle Corp expects to receive licence for second Philippine resort this year

The company plans to develop an integrated resort in Clark, Pampanga.

The Philippines.- Belle Corp is hoping to secure a gaming licence from the Philippine Amusement and Gaming Corporation (PAGCOR) this year for a new integrated resort in Clark, Pampanga. The company reported that its unit Premium Leisure Corp (PLC) had requested a licence last July.

Armin Raquel Santos, president and chief executive of Belle Corp, told that the company has already received a letter of no objection, a requirement for the licensing process. The decision now rests with PAGCOR. He said Belle expects the Clark complex “to be a new source of growth and stability in the years to come”.

If Belle secures the licence, it will choose an operator for the planned hotel and casino. Willy Ocier, Belle’s chairman, said the project would require an estimated investment of between US$200m and US$300m, and that construction would take about two years. Ocier said the resort would be smaller than City of Dreams Manila, the IR opened in 2015 and leased to Melco Resorts and Entertainment.

For the first quarter of the year, Belle Corp. reported that casino revenue was up 7.8 per cent year-on-year to PHP432.6m (US$7.7m) in the first quarter. The company’s aggregate net income was up 5.2 per cent year-on-year to PHP462.4m (US$8.22m). Total revenue was down 1.5 per cent year-on-year to PHP1.30bn (US$23.14m).

Revenue from the lottery services arm, Pacific Online Systems Corp (POSC), which leases online betting equipment to the Philippine Charity Sweepstakes Office, posted revenue of PHP129.5m (US$2.31m), flat in year-on-year terms. Belle, via Premium Leisure Corp. (PLC), controls 50.1 per cent of POSC.

Income from real estate activities decreased by 6 per cent to PHP739.7m (US$13.17m). Of this amount, PHP588m (US$10.47m) came from leasing land and buildings at City of Dreams Manila to the Philippine unit of Melco Resorts.