Belle Corp’s gaming segment revenue down 16.6% in first 9 months of the year
Belle Corp’s gaming revenue was PHP1.50bn.
The Philippines.- Belle Corp has reported that revenue from its gaming segment in the first nine months of 2024 decreased by 16.6 per cent year-on-year to PHP1.50bn (US$25.5m) due to performance at City of Dreams Manila.
The company’s aggregate net income was down 22.2 per cent year-on-year to PHP1.53bn (US$26.02m). Total revenue was down 4.7 per cent year-on-year to PHP4.10bn (US$69.39m) due to the lower revenue from gaming businesses. The group also runs a lottery operation and has real estate interests.
Revenue from the lottery services arm, Pacific Online Systems Corp (POSC), which leases online betting equipment to the Philippine Charity Sweepstakes Office, posted revenue of PHP398m (US$6.77m). That’s a decrease of 20.8 per cent in year-on-year terms. Belle, via Premium Leisure Corp. (PLC), controls 50.1 per cent of POSC.
Income from real estate activities increased by 10.1 per cent to PHP2.21bn (US$37.61m). Of this amount, PHP1.74bn (US$29.62m) came from leasing land and buildings at City of Dreams Manila to the Philippine unit of Melco Resorts.
Pacific Online Systems revenue down amid transition to new system
POSC has reported net revenue of PHP3.8m (US$64,250) for the first nine months of the year, down 17 per cent year-on-year. The company attributed the decline to the transition from the legacy system to the nationwide lottery system under its joint operation, PinoyLotto Technologies Corp. Net income was down by 98.3 per cent in year-on-year terms from PHP228.2m to PHP3.8m (US$3.89m).
The lottery firm reported that costs and expenses increased by 33 per cent to PHP360.5m (US$6.15m) due to the transition. Depreciation expenses rose to PHP114.5m (US$1.95m) due to the depreciation of the new equipment and higher costs for communications, repairs and maintenance for the Philippine Lottery System (PLS).
POSC’s assets decreased 6 per cent year-on-year to PHP1.78bn (US$30.33m), due to a 56 per cent decline in investments held for trading due to the sale of its DigiPlus Interactive shares, while trade and other receivables fell 16 per cent to PHP238.6m (US$4.06m). The company’s cash and cash equivalents rose by 68 per cent in year-on-year terms to PHP577.3m (US$9.86m) mainly due to the sale of PLC shares to Belle Corp and offset in part by the payment of dividends to shareholders during the period.
