Belle Corporation reported consolidated revenues of Php8.5 billion for 2018, up 6% compared to Php8.0 billion in 2017. Belle’s consolidated net income decreased 8% to Php3.2 billion in 2018 from Php3.5 billion the previous year; however, excluding capital gains on sales of non-core investments and extraordinary items, Belle’s 2018 recurring net income of Php3.6 billion was 10% higher than its 2017 recurring net income of Php3.3 billion. Belle’s revenues and recurring net income for 2018 were both record levels, driven primarily by growth in gaming revenues.
Through its subsidiary Premium Leisure Corp. (PLC), Belle reported a 23% increase in its share of gaming earnings from City of Dreams Manila, to Php3.2 billion in 2018 from Php2.6 billion a year earlier.
Belle’s real estate business also contributed to its banner year with Php3.4 billion in revenues, up 9% from Php3.1 billion in 2017. Of this, Php2.4 billion came from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation, a 6% improvement over 2017 levels. Belle’s real estate sales and property management activities at its Tagaytay Highlands and Midlands residential and leisure complexes contributed the balance of Php979 million, 19% more than the previous year.
The strong 2018 results enabled Belle to declare a regular dividend of Php0.12 per share on 28 February 2019 for a total dividend payment of approximately Php1.2 billion, payable on 28 March 2019 to shareholders of record as of 14 March 2019.
About Belle Corporation
Belle Corporation is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila in PAGCOR Entertainment City by Manila Bay, which is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corporation (Melco). In addition to lease income, Belle is accorded a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between its 78.7%-owned subsidiary, Premium Leisure Corp. (PLC), and Melco. Belle also owns approximately one hectare of presently undeveloped land across from the City of Dreams Manila site.
South of Metro Manila, Belle owns significant real estate assets and develops premium residential resort projects around Tagaytay City. Among its exclusive destinations are the club and golf facilities and residential communities of Tagaytay Highlands and Tagaytay Midlands, as well as a further 800 hectares intended for future development.