Lush greenery and wide roads at Tagaytay Highlands

Belle Corporation (“Belle” or the “Company”) realized consolidated revenues of Php2,818.4 million for the six months ended June 30, 2022, higher by 61% than consolidated revenues of Php1,754.2 million for the six months ended June 30, 2021. All of the Company’s business units contributed to the growth in revenues, led primarily by higher lease income, better real estate sales and improved share in gaming revenues, achieved through more relaxed restrictions on commercial operations imposed by authorities as the market recovers from the impact of the pandemic.

Belle’s revenues from real estate operations increased by Php885.7 million (119%), from Php743.3 million in the second quarter of 2021 to Php1,629.0 million in the second quarter of 2022. Of real estate revenues in 2022, Php1,040.0 million was derived from Belle’s lease of the land and buildings comprising City of Dreams Manila (“CODM”) to Melco Resorts and Entertainment (Philippines) Corporation (“MRP”), which was Php636.0 million (157%) higher than its revenues in the prior period of Php404.0 million. Belle’s real estate sales and property management activities at its Tagaytay Highlands complex contributed revenues of Php589.0 million in the second quarter of 2022, which was Php249.7 million (74%) higher than its revenues in the second quarter of 2021 of Php339.3 million.

The share in gaming revenue at CODM of Belle’s subsidiary, Premium Leisure Corp. (“PLC”), increased by Php165.1 million (20%), from Php805.5 million in the second quarter of 2021 to Php970.6 million in the second quarter of 2022.

Pacific Online Systems Corporation (“Pacific Online”), which leases online betting equipment to the Philippine Charity Sweepstakes Office (“PCSO”) for their lottery operations, also showed improvement during the period despite the non-renewal of KENO operations effective April 1, 2022. Pacific Online, which is 50.1%-owned by PLC, posted an increase in revenue of Php13.5 million (7%), from Php205.4 million in the 2021 period to Php218.9 million in the current period.

 

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.