Belle Corporation’s Board of Directors for 2022-2023

Belle Corporation (Belle) announced the election of its Board of Directors for 2022-2023 during the Company’s Annual Shareholders’ Meeting, which was livestreamed on April 28, 2022.

Belle’s current Board of Directors are comprised of Willy Ocier, Elizabeth Anne Uychaco, Jacinto Ng, Jr., Virginia Yap, Jaime Bautista, Maria Gracia Tan and Amando Tetangco, Jr. Also joining the Board are Jackson Ongsip, Belle’s new President and Chief Executive Officer, and Armin Antonio Raquel Santos.

During the meeting, Manuel Gana, Belle’s former President and Chief Executive Officer, said that the ”Company recorded its twentieth consecutive year of profitability in 2021, in spite of the lingering effects of the COVID-19 pandemic and resulting economic impact.”

The full text of Mr. Gana’s report can be accessed below:

Good afternoon to our dear Shareholders, Stakeholders and Guests. Thank you for joining the livestream of Belle Corporation’s 2022 Annual Shareholders’ Meeting.

I am pleased to report that our Company recorded its twentieth consecutive year of profitability in 2021, in spite of the lingering effects of the COVID-19 pandemic and resulting economic impact.

The premium consumer, leisure and tourism markets were hit hard by pandemic-related restrictions during 2020-2021, including the shutdown of inbound travel from other countries. However, real estate sales have been fairly healthy, and we expect a quick rebound in domestic consumer markets with the further relaxation of quarantine measures in 2022.

As the economy gradually re-opened, we continued to put the health and safety of all stakeholders atop our COVID-19 response. We implemented vaccination programs for employees and qualified dependents. Across our areas of operations, we maintained stringent safety protocols for the peace of mind of our customers, residents, club members and business partners.

FINANCIAL REVIEW

Belle realized Php 745 million in consolidated net income in 2021, led by the growth in integrated resort operations at City of Dreams Manila.

Our share in the gaming revenues at City of Dreams Manila, through Belle’s subsidiary Premium Leisure Corporation, more than doubled to Php1.3 billion from Php 635 million in 2020.

Pacific Online Systems Corporation, a subsidiary of Premium Leisure Corporation which leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery and keno operations, also began recovering in 2021, even while still operating under restrictions on commercial operations. Pacific Online revenues of Php 426 million in 2021 were 30% higher than its revenues for 2020.

Our Corporation’s real estate operations recorded Php 1.7 billion in revenues for 2021, which declined by 47% from 2020 due to concessions granted on the lease of land and buildings comprising City of Dreams Manila to our operating partners, Melco Resorts and Entertainment (Philippines) Corporation. However, our real estate sales and property management activities in our Tagaytay Highlands and Tagaytay Midlands complexes experienced significant growth in 2021, contributing revenues of Php 886 million which were 62% higher compared to 2020.

Belle’s balance sheet remains solid, with our current ratio at almost 3 times and our debt to equity ratio at only 21% as of end 2021. Our historical management practice of maintaining conservative liquidity and leverage have provided a significant cushion during the recent economic downturn that was induced by the pandemic.

STRATEGIES TO RECOVER AS ONE

We will continue to pursue conservative expansion, making sure to “live within our means” and avoid over-leveraging or taking on major risks.

We have additional land on which to expand our City of Dreams Manila resort complex, or to construct complementary assets therewith.

We still have over 700 hectares of land around the Tagaytay Highlands and Midlands complexes, and in Batangas, to continue our real estate development activities there. Furthermore, our risk assessment and timely responsive actions have been keys to protecting our operations and our stakeholders. What we have gone through in 2021 has only caused us to become more agile in responding to economic developments, more purposeful in our business decisions and more resilient in dealing with crises.

Sound sustainability practices are also essential to our long-term viability. Due to the integrated nature of Belle’s businesses in our communities and our unique local ecosystem, we have been enhancing our stewardship responsibilities to our environment and local stakeholders, and fortifying our commitment to good corporate governance.

Our Company will continue its resolve in delivering shareholder value on profit, planet and people. We are confident that our Company will thrive in a new normal that benefits all shareholders and stakeholders, and that we can all look forward to living in a more promising future.

I would like to thank our Board of Directors for their guidance, our Management team and staff for their diligence and commitment, as we navigate through these extraordinary times.

Most of all, I would like to thank you, our Shareholders, for your continued support.

 

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 79.78%-owned subsidiary, Premium Leisure Corp., 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.