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Several companies with casino interests in the Philippines have been buying back shares at a time when their stocks have been undergoing Macau-like declines. The latest announcement on Wednesday to the Philippine Stock Exchange by Belle Corp, for a small tranche of common shares is part of an exercise – authorised by its board – to purchase up to PHP1 billion (US$22.2 million) in stock. Share buybacks typically have the effect of concentrating the value of existing shareholders, say investment analysts. City of Dreams Manila, managed by Melco Crown (Philippines) Resorts Corp, is a partnership between casino operator Melco Crown Entertainment Ltd and Premium Leisure Corp, a unit of Belle, controlled by the family of Philippine billionaire Henry Sy. The resort has a capital expenditure budget of more than US$1 billion. Bloomberry Resorts Corp, which developed and operates Solaire Resort and Casino in Manila – described as a US$1.2-billion property – said in a filing to the Manila bourse on June 10 that it had bought back 4.5 million shares since the start of a share repurchase programme on June 5. Shares of Bloomberry Resorts have lost 27 percent this year, and Resorts World Manila operator Travellers International Hotel Group Inc has slumped 35 percent, stated Bloomberg on Wednesday. “Melco Crown (Philippines) Resorts Corp tumbled 56 percent as earnings disappointed investors, outpacing even the 36 percent loss at Wynn Macau Ltd, the Chinese territory’s worst-performing casino stock,” noted Bloomberg. Global contagion One factor is that VIP and other high stakes gamblers that have forsaken Macau reportedly in the wake of China’s anti-corruption campaign haven’t always gone to Manila and other Asian markets. Morgan Stanley Research analysts led by Praveen Choudhary estimated in a report on June 5 that the global market for VIP gambling shrank 42 percent year-on-year and 18 percent quarter-on-quarter during the three months to March 31. The deterioration was led by – but was not exclusive to – Macau, said the Morgan Stanley team. And those players and junkets that are going to places such as Manila are either driving a hard bargain or in some cases costing the house money. In the first quarter, Bloomberry Resorts reported a 100 percent increase in allowance for “doubtful accounts”. The aggregate of such receivables – mostly from casino operations – rose to approximately PHP1.59 billion from approximately PHP789.08 million from the prior-year period. The challenging operating environment is not limited to Macau and Manila. Analysts at Sanford C. Bernstein led by Vitaly Umansky mentioned in a note on Tuesday there had been reports of a crackdown by Chinese authorities last week on some travel agencies in Beijing that promote South Korean casinos to mainland gamblers. Reports said 14 suspected marketers and some suspected gamblers were arrested for allegedly promoting gambling and violating foreign currency control laws in China. “In addition, we believe the Chinese government’s crackdown also targets local tour agencies that help gamblers apply for a foreign visa. We believe the crackdown reflects that the Chinese government will […]

(Pasay City, Philippines)Belle Corporation achieved record operating revenues of Php 3.16 billion in 2014, surpassing by Php 540 million (21%) operating revenues in 2013 of Php 2.62 billion. On the strength of the increase in its revenues, Belle realized approximately Php 1.4 billion in recurring operating earnings for 2014, comprising a Php 534 million (62%) increase over the comparable figure in 2013 of approximately Php 857 million. The company’s operating growth in 2014 was attributable to higher revenue from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Limited (MCE), higher income from sales of real estate and increased income from its listed subsidiaries – Premium Leisure Corporation (PLC) and Pacific Online Systems Corporation. Belle’s consolidated net income, however, decreased from Php 3.64 billion in 2013 to Php 2.56 billion in 2014. This decrease was due to Php 1.5 billion in higher net non-recurring gains in 2013. Excluding nonrecurring items, Belle’s consolidated net income would have increased by approximately Php 464 million (81%), from Php 572 million in 2013 to Php 1.04 billion in 2014. PLC’s 2014 operations were highlight by the soft opening of City of Dreams Manila on December 14, 2014, followed by the grand opening on February 2, 2015. PLC has an operating agreement with MCE that accords it a share of gaming revenues or earnings at City of Dreams Manila. PLC reported net income of approximately Php 1.34 billion for 2014 compared to a net loss of Php 8.7 million in 2013. Pacific Online reported revenues of Php 1.73 billion and net income of Php 366.5 million for 2014, which were both higher than comparable figures for 2013 of Php 1.65 billion and Php 325.1 million respectively. About Belle Corporation Belle’s principal assets include land and buildings located at PAGCOR Entertainment City in Paranaque City, which are being leased on a long-term basis to MCE. This property is the site of the City of Dreams Manila gaming and resort operations, which encompasses 6.2 hectares of land and more than 30 hectares in building gross floor area. Belle also realizes a share in earnings from City of Dreams’ gaming operations through its 78.7%-owned subsidiary, PLC. City of Dreams Manila includes approximately two hectares of gaming space, approximately 900 hotel rooms operated under three hotel brands (namely Crown, Hyatt and Nobu), the DreamPlay indoor amusement park, and approximately two hectares of restaurant and retail space. Belle also owns significant real estate assets in and around Tagaytay City, a temperate mountain resort about 90 minutes south of Manila overlooking scenic Taal Lake and Mount Makiling. These assets consist of premium residential properties for sale and approximately 800 hectares of land held for future development, which are near two exclusive world-class golf clubs and one country club built by the Company. For further information, please contact:Mr. Manuel A. GanaExecutive Vice President and Chief Financial Officer Corporate Information OfficerE-mail: manuel.gana@bellecorp.comTel. No:. +63 2 662 8807 

(Pasay City, Philippines) Belle Corporation achieved consolidated net income of Php 378 million for the first quarter of 2015, surpassing by Php 68 million (22%) net income for first quarter 2014 of Php 310 million.  The Company’s total revenues for first quarter 2015 of Php 1.34 billion were more than double first quarter 2014 revenues of P558 million, and its income from operations for first quarter of 2015 of Php 738 million exceeded by Php 430 million (140%) the first quarter 2014 level of Php 308 million.  However, higher interest expenses and other non-operating charges narrowed the year-on-year growth rate for net income. The Company’s operating growth in 2015 was attributable to growth in revenues from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Limited (MCE), income from sales of real estate and income derived from its listed subsidiary, Premium Leisure Corporation (PLC). PLC’s 2015 operations were highlighted by the grand opening of City of Dreams Manila on February 2, 2015, after the soft-opening of its mass market gaming floor, hotels and restaurant outlets on December 14, 2014.  PLC, which has an operating agreement with MCE that accords it a share of gaming revenues or earnings at City of Dreams Manila, realized net income of approximately Php 80 million for the first quarter of 2015 compared to a net loss of Php 2 million for the first quarter of 2014.

(Pasay City, Philippines) Belle Corporation’s Board of Directors approved on January 27, 2015 the declaration of a special cash dividend of Eighteen Centavos (Php 0.18) per share, for a total special dividend payment to its common shareholders of approximately Php 1.9 billion, payable on 9 March 2015 to shareholders of record as of 10 February 2015. In the same meeting, the Board of Directors also approved a Share Buyback Program, whereby the Company’s management was given authority to buy into its treasury Belle Corporation shares up to a total cost of Php 1 billion. Belle’s principal assets include land and buildings located at PAGCOR Entertainment City in Paranaque City, which are being leased on a long-term basis to Philippine entites controlled by Melco Crown Entertainment Ltd. (MCE). This property is the site of the City of Dreams Manila gaming and resort operations, which encompasses 6.2 hectares of land and more than 30 hectares in building gross floor area. Belle realized revenues from the lease to MCE of approximately Php 1.3 billion during 2013, and more than Php 1.2 billion during the first nine months of 2014. Belle will also be realizing a share in earnings from City of Dreams’ gaming operations through its 78.7%-owned subsidiary, Premium Leisure Corporation (PLC), which has an operating agreement with MCE. City of Dreams Manila soft-opened on December 14, 2014 and scheduled its grand launch on February 2, 2015. It includes approximately 2 hectares of gaming space, more than 900 hotel rooms operated under three hotel brands (namely Crown, Hyatt and Nobu), the DreamPlay indoor amusement park, and approximately 2 hectares of restaurant and retail space. Belle also owns significant real estate assets in and around Tagaytay City, a temperate mountain resort about 90 minutes south of Manila overlooking scenic Taal Lake and Mount Makiling. These assets consist of premium residential properties for sale and approximately 800 hectares of land held for future development, which are near two exclusive world-class golf clubs and one country club built by the Company.

Own a premium mountain leisure escape offering spectacular views of the Taal Lake Volcano and the breathtaking mountain range. Situated over 165-195 meters above sea level and on a lush land area, Sycamore Heights is a premier private and exclusive Asian contemporary themed residential development of Tagaytay Highlands. Engulfed with scenic views of Taal Lake and Volcano, Midlands Fairways and the beautiful mountain range, this leisure community dedicates 40 percent to open spaces and leisure amenities like the Central Park, Lounge Garden, Tree Houses and Bird Watch Park, among others. With its exclusive address comes the best that Tagaytay living has to offer. Distanced from the hustle and bustle of Tagaytay’s booming commercial district, Sycamore Heights affords residents with their dreams of privacy and peace. Experiencing nature – both in out of your home – is another perk. Natural materials are encouraged to be used in each Asian contemporary – inspired home as well as a free flowing lay-out to instantly invite the outdoors in. With balconies, lanais, and windows that double as walls, you make fresh mountain air, sunlight, and Tagaytay’s stunning views constants in your everyday life. Imagine waking up to an eyeful of the Midlands Fairways and Golf Course to the north, the gorgeous mountainside to the east and west, the blue lake waters to the south, and the famous Taal Volcano to the southwest ! Appropriately, the place that envelopes you in all this natural and man-made beauty knows how to care for it too. Each year Tagaytay Highlands observes One Tree At a Time, a tree-planting initiative wherein thousands of tree saplings are planted around the grounds of the sprawling leisure complex. To date more than 400,000 trees have been planted since 1994.By: Philippine Star, Business Section Every Sycamore Heights property comes with membership rights to The Country Club at Tagaytay Highlands, where upscale amenities at the Tagaytay Highlands Golf and Country Clubs (like a ride on the country’s first and only Swiss cable car system and pampering treatments courtesy of The Spa and Lodge) await the privileged. Indeed this is laidback living at its finest, but in case you find yourself missing some creature comforts of city life, Sycamore Heights has that covered. All homes are equipped with underground utilities, 100 percent emergency back-up power independent and unlimited water supply and access to WiFi Internet broadband network. Tagaytay Highlands also has its own firefighting team, 24-hour medical service, and round-the-clock security at its disposal. Sycamore Heights at Tagaytay Highlands is a leisure lot development of the SM Group of Companies.