Gaming revenue from City of Dreams Manila was down 87 per cent in the first half compared to the same period in 2019.
Philippines.- Belle Corporation has reported an 87 per cent drop in gaming revenue for the first half of 2020 compared to the same period last year.
Its share of gaming revenue fell from City of Dreams Manila PHP1.8 bilion last year to PHP248 million (US$5 million). Total net income plummeted 89 per cent to Php 222 million (US$4.5 million).
The company said in a release to investors that “the decreases in revenues and profits resulted primarily from Covid-19 related developments. The effects of the pandemic began with declining tourist arrivals prior to the implementation of the community quarantines nationwide and was compounded by the temporary suspension of gaming operations at City of Dreams Manila on March 16.”
Due to lockdown measures, the company’s main revenue driver, its share of gaming revenues from City of Dreams Manila, which is currently leased to Melco International, plummeted. Gaming operations in Manila will remain suspended at least until the end of this month.
The group is also involved in scratch card sales and real estate. The Covid-19 pandemic also caused weak results at another Belle Corp business, Pacific Online Systems Corporation. The firm owns 50 per cent of the company, which also posted a 68 drop in revenue in the first half of the year to Php 180 million (US$3.6 million).
Belle stated: “With the exception of a few locations upon the easing of the quarantine in June 2020, outlets operated by Pacific Online were closed during the entire quarter”.
Belle’s real estate operations recorded a 10 per cent decrease in revenue.