The developer, which has an interest in City of Dreams Manila, has reported a fall in net income.<\/p>\n\n\n\n\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The group\u2019s 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.<\/p>\n\n\n\n
Belle Corp attributed the decline to \u201cCovid-19 -related developments\u201d, which hurt gaming at City of Dreams Manila, a property operated by a unit of Melco Resorts and Entertainment Ltd.<\/p>\n\n\n\n
The firm stated: \u201cThe 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.\u201d<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Belle Corp noted in its announcement to the Philippine Stock Exchange that disruption from the pandemic had also caused \u201cweak results\u201d 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
The developer, which has an interest in City of Dreams Manila, has reported a fall in net income.<\/p>\n","protected":false},"author":2,"featured_media":11170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Belle Corp, a partner in City of Dreams Manila, reported a 96.4% year-on-year fall in net income for the first nine months of 2020, reaching PHP92.62 million. This significant decline, alongside an 86.4% drop in gaming revenue, is attributed to COVID-19 related disruptions, including reduced tourist arrivals and the temporary suspension of gaming operations in the Philippines. The pandemic also negatively impacted its lottery and keno equipment leasing unit, Pacific Online Systems Corp.","focusai_entities":"Belle Corp, City of Dreams Manila, Melco Resorts and Entertainment Ltd, Pacific Online Systems Corp, Philippine Charity Sweepstakes Office","focusai_location":"Philippines, Manila","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Q4 2020 Outlook?","query":"What is Belle Corp's projected operational cash flow and NGR outlook for Q4 2020, considering the phased reopening protocols and potential for sustained tourist arrival limitations in the Philippines?"},{"label":"Diversification Strategy?","query":"Given the severe impact on land-based gaming, what strategic initiatives is Belle Corp considering for revenue diversification, potentially including B2C online gaming or other digital verticals, to mitigate future market shocks?"}],"footnotes":""},"categories":[160,163,16333],"tags":[12436,128],"class_list":["post-11167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-finance-news","category-south-east-asia-news","tag-casinos","tag-philippines"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=11167"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11167\/revisions"}],"predecessor-version":[{"id":11172,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11167\/revisions\/11172"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11170"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}