Belle Corp, the developer of City of Dreams Manila is betting big on gaming in the Philippines, developing an integrated resort in Clark, Pampanga. This signals confidence in the growing domestic gaming market.
Belle Corporation is betting big on the future of gaming in the Philippines, particularly in Clark, Pampanga, as the former US air base transforms into a new hub for tourism and entertainment.
In a Philippine Stock Exchange disclosure published January 9, the company announced plans to develop an integrated resort in the area, signaling its confidence in the continued growth of the domestic gaming market.
In a July 2024 filing with the Philippine Stock Exchange, Belle confirmed that gaming-focused investment companies under its 98.26%-owned subsidiary, Premium Leisure Corp. (PLC), have officially applied for a gaming license from government regulators. This move underscores Belle’s strategic focus on expanding its footprint in the Philippine gaming landscape.
“We remain upbeat on the Company’s growth prospects and bullish on the Philippine gaming market and its resilience despite industry headwinds,” said Belle President and CEO Armin Raquel Santos. He further added that Belle, through its gaming subsidiaries, is actively exploring and pursuing related ventures and high-growth opportunities within the gaming sector, with the goal of enhancing shareholder value and meeting its commitments to all stakeholders.
Belle Corporation has been a significant player in the Philippine gaming and casino industry for years. Its involvement is primarily centered around its stake in the Entertainment City development in Manila, a large-scale gaming and entertainment complex envisioned to rival Macau and Las Vegas.
Belle’s flagship involvement is through its lease of the land and buildings housing City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation. While Melco operates the casino and resort, Belle benefits from lease income and also earns a share of gross gaming revenues through its majority ownership of PLC, which has an operating agreement with Melco's subsidiary, Premium Leisure and Amusement, Inc. This structure allows Belle to participate in the lucrative gaming market without directly managing casino operations.
The move into Clark represents a strategic diversification for Belle. Clark has been steadily gaining traction as a new center for tourism and investment, driven by government efforts to develop the area’s infrastructure and attract businesses. The establishment of integrated resorts in Clark is seen as a key component of this strategy, aiming to attract both local and international tourists.
Clark, with its proximity to Metro Manila and its existing international airport, is considered a prime location for this expansion.
While the application for a gaming license is a significant step, the development of an integrated resort involves a complex process that includes securing regulatory approvals, securing financing, and completing construction.
However, Belle’s established presence in the Philippine gaming industry, coupled with its strong financial position, positions it well to capitalize on the opportunities presented by the burgeoning Clark gaming market. The company’s focus on exploring new ventures and maximizing growth opportunities within the gaming sector indicates a continued commitment to this industry as a key driver of its future success.
Belle Corporation developed major tourist destinations like City of Dreams Manila and Tagaytay Highlands, encompassing both gaming and non-gaming attractions. Belle leases its integrated resort property at City of Dreams to Melco Resorts, earning both lease income and a share of gaming revenues through its majority ownership in Premium Leisure Corp. (PLC).
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