Estate, gaming firm posts record 2017 profit

MANILA -- Leisure estate and gaming firm Belle Corp. posted a record profit last year mainly driven by by gaming earnings.

Belle told the local bourse Friday that its profit rose 13 percent to PHP3.5 billion last year from PHP3.1 billion in 2016.  

Its consolidated revenues reached PHP8 billion, up 27 percent from PHP6.3 billion the previous year.

Through its subsidiary Premium Leisure Corp. (PLC), Belle reported a 59-percent increase in its share of gaming earnings from City of Dreams Manila, rising to PHP2.6 billion from PHP1.6 billion.

Its real estate business also contributed to its banner year with PHP3.1 billion in revenues, up 10 percent from PHP2.8 billion in 2016.  

Of this, PHP2.3 billion came from Belle’s lease to Melco Resorts and Entertainment (Philippines) Corporation (Melco) of the land and buildings comprising City of Dreams Manila; while PHP823 million was from real estate sales and property management activities at its Tagaytay Highlands and Tagaytay Midlands residential and leisure complexes. (PNA)