Belle Corp net income drops 70% in 2020

Belle Corp, which has an interest in the casino resort City of Dreams Manila, has posted a net income of PHP891.7m for 2020.

The Philippines.- The tourism and leisure developer Belle Corp, a co-licensee of City of Dreams in Manila, has reported a fall in net income of 70 per cent year-on-year for 2020.

Net income declined from PHP2.9bn (US$61.6m) in 2019 to PHP891.7m in 2020. Consolidated revenue was down 44 per cent, from PHP7.7bn in 2019 to PHP4.2bn in 2020.

Belle Corp also revealed that gaming revenue fell 79 per cent year-on-year to just under PHP635.2m (US$13.2m), down from PHP2.9bn.

The company noted that the Covid-19 pandemic led to a decline in tourist arrivals, while City of Dreams Manila also suffered from the suspension of gaming operations.

The casino reopened at 30 per cent capacity but has since closed together with other Metro Manila casinos until the current level of community quarantine.