The operator has reported that casino revenue from the City of Dreams Manila grew 20.5 per cent year-on-year.<\/p>\n\n\n\n\n\n\n\n
The Philippines.- The tourism and leisure developer\u00a0Belle Corp<\/strong>, a co-licensee of\u00a0City of Dreams<\/strong>\u00a0in 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\u00a0from PHP805.5m<\/a>\u00a0to PHP970.6m (US$17.5m).<\/p>\n\n\n\n Belle Corp reported\u00a0total 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n The company attributed the increase in revenue to the\u00a0easing of Covid-19 restrictions<\/a>\u00a0that led City of Dreams to resume full operations in March. In 2021,\u00a0Belle Corp<\/a>\u00a0reported 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.<\/p>\n\n\n\n Licensing and regulatory group chief of the\u00a0Philippine Amusement and Gaming Corporation\u00a0<\/strong>(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.<\/p>\n\n\n\n Cecilio predicts that annual GGR could reach PHP256bn<\/strong> or more by 2026, with land-based casinos contributing PHP146bn. He said the industry\u2019s recovery will be driven by pent-up demand and a return to confidence among domestic and foreign players.<\/p>\n","protected":false},"excerpt":{"rendered":" The operator has reported that casino revenue from the City of Dreams Manila grew 20.5 per cent year-on-year.<\/p>\n","protected":false},"author":176,"featured_media":8589,"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 reported substantial H1 2022 revenue growth, driven by a 20.5% increase in casino revenue from City of Dreams Manila and significant real estate income, primarily due to eased COVID-19 restrictions. Concurrently, PAGCOR projects the Philippines' GGR to recover to or surpass pre-pandemic levels by 2026, fueled by returning player confidence and pent-up demand.","focusai_entities":"Belle Corp, City of Dreams Manila, Melco Resorts Philippines, Philippine Amusement and Gaming Corporation (PAGCOR), Reuters, Cecilio","focusai_location":"Philippines, Manila","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.75), operator_casino (0.95), marketing_crm (0.7), investor_analyst (0.98), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"GGR Recovery Drivers?","query":"What specific policy changes or market dynamics are PAGCOR and operators implementing to accelerate the projected GGR recovery to pre-pandemic levels by 2026, particularly concerning international tourism?"},{"label":"Belle Corp Diversification?","query":"How does Belle Corp's significant real estate revenue growth, particularly from the Melco Resorts Philippines lease, impact its long-term capital allocation strategy and its reliance on gaming vertical performance?"}],"footnotes":""},"categories":[163,158,16333],"tags":[],"class_list":["post-32198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-slider-home","category-south-east-asia-news"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32198","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=32198"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32198\/revisions"}],"predecessor-version":[{"id":32228,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32198\/revisions\/32228"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/8589"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Philippines GGR may not return to pre-pandemic levels until 2026<\/h2>\n\n\n\n