Belle Corp posts US$17.5m in casino revenue for H1
The operator has reported that casino revenue from the City of Dreams Manila grew 20.5 per cent year-on-year.
The Philippines.- The tourism and leisure developer Belle Corp, a co-licensee of City of Dreams in Manila, has shared its financial results for the first half of the year. It’s reported that casino revenue was up 20.5 per cent year-on-year from PHP805.5m to PHP970.6m (US$17.5m).
Belle Corp reported total revenue of PHP2.82bn, up 60.7 per cent when compared to the first half of 2021. The company reported that net income grew from PHP265.5m to PHP1.14bn.
Revenue from real estate increased by 119.2 per cent year-on-year to PHP1.63bn. A lease agreement between Melco Resorts Philippines and City of Dreams Manila generated PHP1.04bn in revenue, up 157.4 per cent year-on-year.
The company attributed the increase in revenue to the easing of Covid-19 restrictions that led City of Dreams to resume full operations in March. In 2021, Belle Corp reported total revenue of PHP1.30bn (US$24.9m), up 104.7 per cent when compared to the previous year when the Covid-19 pandemic started.
Philippines GGR may not return to pre-pandemic levels until 2026
Licensing and regulatory group chief of the Philippine Amusement and Gaming Corporation (PAGCOR) has told Reuters that gaming revenue in the Philippines may recover to pre-pandemic levels, or surpass them, by 2026 as player confidence slowly returns.
Cecilio predicts that annual GGR could reach PHP256bn or more by 2026, with land-based casinos contributing PHP146bn. He said the industry’s recovery will be driven by pent-up demand and a return to confidence among domestic and foreign players.
