Belle Corp posts US$24.9m in revenue for 2021

Belle Corp has reported that full-year 2021 revenue was up 104.7 per cent year-on-year to PHP1.30bn (US$24.9m).

The Philippines.- The tourism and leisure developer Belle Corp, a co-licensee of City of Dreams in Manila, has reported that its revenue grew from PHP635.2m in 2020 to PHP1.30bn (US$24.9m) in 2021. The company attributed the increase to improved operations at City of Dreams Manila despite Covid-19 restrictions and countermeasures.

Some PHP807.9m of Belle Corp’s 2021 real estate revenue came from leasing the land and buildings of City of Dreams Manila to Melco Resorts’ Philippines unit. This was a 69.7 per cent drop from the previous year.

Gaming revenue as a percentage of group revenue increased from 15.2 per cent in 2020 to 38 per cent. Overall group revenue for the full year 2021 was PHP3.42bn, a decrease of 18 per cent corresponding to the previous year. Group total net income fell 16.4 per cent year-on-year to PHP745.2m.

City of Dreams returned to operate at full capacity this month after authorities placed Manila under the lowest level of Covid-19 countermeasures.