Belle Corp net income plunges 96.4%

The developer, which has an interest in City of Dreams Manila, has reported a fall in net income.

The Philippines.- The tourism and leisure developer Belle Corp, a partner in City of Dreams Manila casino resorts in the Philippine capital, has reported a fall in net income of the 96.4 per cent year-on-year for the first nine months of 2020.

Income for the period reached PHP92.62 million (US$1.9 million). That compares to nearly PHP2.56 billion in the same period last year.

The group’s revenue from its share of gaming operations fell 86.4 per cent year-on-year to just under PHP324.81 million, down from nearly PHP2.38 billion.

Belle Corp attributed the decline to “Covid-19 -related developments”, which hurt gaming at City of Dreams Manila, a property operated by a unit of Melco Resorts and Entertainment Ltd.

The firm stated: “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, 2020 in compliance with government initiatives to contain the virus.”

Despite the Philippines permitting reopenings with a limited capacity in some cities, the gaming industry has been hit heavily by the pandemic measures implemented in the country.

Belle Corp noted in its announcement to the Philippine Stock Exchange that disruption from the pandemic had also caused “weak results” in the first nine months at Pacific Online Systems Corp, a Belle Corp unit that leases online betting equipment to the Philippine Charity Sweepstakes Office for its lottery and keno operations.