Belle Corporation (Belle) appointed its Board of Directors for 2024-2025 during the Company's Annual Shareholders’ Meeting held on May 31, 2024 and livestreamed via Zoom webinar.
Ellected to the Board were Willy Ocier as Chairman, Armin Antonio Raquel Santos as President and Chief Executive Officer, Jacinto Ng, Jr., Gregorio Domingo, Atty. Maria Gracia Pulido Tan, Atty. Paquito Ochoa, Jr. and Laurito Serrano.
“As we celebrated our Company’s 50th anniversary, I am happy to report our strong 2023 results,” said Mr. Jackson Ongsip, Belle's former President and Chief Executive Officer during the annual event. Below is the full text of Mr. Ongsip’s report:
To our Shareholders, Stakeholders and Guests, good morning and welcome to Belle Corporation’s 2024 Annual Shareholders’ Meeting.
2023 has been a promising year for Belle Corporation. As we celebrated our Company’s 50th anniversary, I am happy to report our strong 2023 results.
Belle’s business units remained resilient despite the challenging and competitive operating environment. Our strong performance was largely from our integrated resort business with City of Dreams Manila which is owned and operated by Melco Resorts and Entertainment (Philippines) Corporation. Meanwhile, we continued to maximize our resources and explore opportunities in our legacy real estate business in Tagaytay Highlands.
Financial Review
In 2023, Belle’s consolidated net income increased by 42% to Php2.4 billion from Php1.7 billion recorded in 2022. Consolidated revenues in 2023 rose by 3% to Php5.6 billion from Php5.4 billion in 2022 driven mainly by our gaming-related ventures.
Our gaming revenue share in 2023 at City of Dreams Manila through Belle’s subsidiary, Premium Leisure Corp. or PLC, came in 50% higher to Php2.3 billion from Php1.6 billion in 2022.
Meanwhile, Pacific Online Systems Corporation, which is involved in the national gaming lottery sector by leasing online betting equipment and systems to the Philippine Charity Sweepstakes Office for its lottery operations nationwide, also posted higher revenues in 2023 at Php599 million, 15% higher than the Php519 million realized in 2022.
The Company’s real estate operations in 2023 for the lease of the land and building occupied by City of Dreams Manila, and real estate sales and estate management services at Tagaytay Highlands tallied at Php2.6 billion in total revenues but 20% lower than Php3.3 billion in 2022.
Our Company maintains a strong balance sheet. Total assets stands at Php56 billion, which covers our current liabilities by over 2.1 times, while our long-term debt by almost 2.6 times. We also maintained our conservative total debt-to-equity ratio of 15%.
Sustainability Journey
Belle is building the foundations to expand our businesses, capture growth opportunities and strengthen commitments to stakeholders. I am proud to report that we recently completed the Tender Offer for Premium Leisure Corp. Effective as of May 9, 2024, Belle now owns approximately 99.55% of PLC’s total issued and outstanding capital stock.
Aside from this strategic move, we continue to evaluate opportunities using our 1.5- hectare land adjacent to our City of Dreams Manila integrated resort complex, and plans to develop new sustainable communities in Tagaytay Highlands have begun. We are also proud to share Pacific Online’s two “game-changing” milestones in 2023: the start of the test run of the first-ever official PCSO E-Lotto and launch of the nationwide lottery system by PinoyLotto Technologies Corp., our joint venture company.
Our corporate social responsibility unit, Belle Kaagapay, remains active as we engage with our stakeholders and host community members to enhance the quality of their lives by raising awareness on sustainability matters, and implementing programs with them. Finally, we uphold and support adherence to good corporate governance practices as we conduct our business.
Early this year, your Company won its first Silver Anvil Award for Belle’s 2022 Integrated Report: Enhancing Communities from the Public Relations Society of the Philippines.
This recognition affirms our commitment to transparent, balanced and accurate reporting, which we pursued in the publication of Belle’s 2023 Integrated Report titled “Stronger Together”. We also got a high score in the 2023 ASEAN Corporate Governance Scorecard and maintained our four golden arrows and ASEAN Asset Class awards, along with other listed companies in the Belle Group.
Fifty years of Belle Corporation was achieved due to the Board’s leadership and vision, Management’s proactive approach and dedication, the hard work and diligence of our staff, and our loyal and supportive shareholders. I am confident of the solid foundations that we have built for Belle Corporation, and that I am leaving behind a much stronger company that can succeed in the years to come. We thank you all for your continued trust and 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.