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Belle Corp casino revenue from City of Dreams shares increased by 49.9% year-on-year in 2023

March 1, 2024 Philippines Casino & HotelIndustry Updates

Belle Corp stated in a statement on Thursday that it will collect PHP2.34 billion (US$41.7 million) in income from its portion of the gaming industry at City of Dreams Manila in 2023, a yearly growth of 49.9 percent. The announcement was filed with the Philippine Stock Exchange.

An operational agreement between Belle’s subsidiary, Premium Leisure Corp., and a branch of the enormous casino chain Melco Resorts & Entertainment Ltd. gives Belle a portion of the earnings from gaming at City of Dreams Manila.

The group’s total income for the year 2023 was little under PHP5.42 billion, a 3.4% increase over the previous year. In addition to running a casino and owning real estate, Belle also oversees a lottery.

With a PHP2.42 billion net income in 2023, Belle had an annual growth of 41.7 percent.

In a second filing on Thursday, Premium Leisure Corp. credited the increase in gaming market share to “significantly enhanced mass and VIP operations at City of Dreams Manila.”

Melco Resorts, on the other hand, said on Thursday that operational revenues at City of Dreams Manila for the fourth quarter were US$120.5 million, down 3.5 percent from the third quarter but up 26.6 percent from the year before.

At US$48.8 million for the fourth quarter of 2023, the complex’s adjusted profits before interest, taxes, depreciation, and amortization (EBITDA) increased considerably from US$23.6 million recorded in the same period of 2022, but sequentially remained stable.

The rolling chip volume at City of Dreams Manila in the fourth quarter of 2023 was US$416.5 million, compared to US$940.7 million in the same time the previous year. In comparison, during the fourth quarter of 2023, the mass-market table game decline grew from US$148.2 million to US$198.2 million.

Original story by: GGRAsia

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