Belle Corp posts US$98.6m in revenue for 2023

Full-year 2023 revenue was up 3 per cent year-on-year.

The Philippines.- The tourism and leisure developer Belle Corp, a co-licensee of City of Dreams in Manila (CODM), has shared its financial results for the year 2023. The company posted revenue of PHP5.6bn (US$98.6m), up 3 per cent when compared to the previous year. Net income was up 32 per cent to PHP2.4bn (US$42.6m)

The company said the uptick was mainly due to the recovering integrated resort industry through its investment in CODM and its operating partnership with Melco Resorts and Entertainment Corporation (MRP). Gaming revenue as a percentage of group revenue increased by 50 per cent year-on-year in 2023, to nearly PHP2.34bn (US$41.7m).

The company said: “CODM saw improvements in both mass and VIP segments in 2023, as efforts progressed to grow its client base amid increasing local and international tourist arrivals and competition from other integrated resorts in Entertainment City Manila.”

Pacific Online Systems Corporation, a company that leases online betting equipment and systems to the Philippine Charity Sweepstakes Office (PCSO) for its lottery operations nationwide, reported revenue of PHP599.2m (US$10.5m), up 15 per cent.

Jackson T. Ongsip, president and CEO of Belle Corp, said: “As we continue to serve and make the finer things within reach for our customers, we are confident of our company’s ability to thrive and flourish despite the challenges and create value that our stakeholders and shareholders expect in the years and decades to come. 

“Fifty years of Belle Corporation was achieved due to the board’s leadership and vision, Management’s proactive approach and dedication, hard work and diligence of our staff, and our loyal and supportive shareholders.”