Tagaytay Highlands International Golf Course

Belle Corporation (“Belle” or the “Company”) realized consolidated revenues of Php4,271.3 million for the nine months ended September 30, 2022, higher by 87% than consolidated revenues of Php2,288.2 million for the nine months ended September 30, 2021 as the Company’s performance continues gaining ground, driven by higher lease income and real estate sales. Gaming-related revenues (gaming revenue share and betting equipment rental) also increased year on year, brought about by the continuously progressing economy.

Belle’s revenues from real estate operations increased by Php1,447.9 million (142%), from Php1,018.6 million in the third quarter of 2021 to Php2,466.5 million in the third quarter of 2022. Of 2022 real estate revenues, Php1,560.0 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 Php1,090.5 million (232%) higher than its revenues in the prior period of Php469.5 million. Belle’s real estate sales and property management activities at its Tagaytay Highlands complex contributed revenues of Php906.5 million in the third quarter of 2022, which was Php357.4 million (65%) higher than its revenues in the third quarter of 2021 of Php549.1 million.

The share in gaming revenue at CODM of Belle’s subsidiary, Premium Leisure Corporation (“PLC”), increased by Php479.4 million (50%), from Php967.2 million in the third quarter of 2021 to Php1,446.7 million in the third 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 nonrenewal of KENO operations effective April 1, 2022. Pacific Online, which is 50.1%-owned by PLC, posted an increase in revenue of Php55.8 million (18%), from Php302.3 million in the 2021 period to Php358.1 million in the current period.

As a result of the foregoing, the Company realized consolidated net income of Php1,636.6 million for the nine months ended September 30, 2022, which was higher by Php1,154.5 million (239%) compared to consolidated net income of Php482.1 million for the nine months ended September 30, 2021.