Belle reports Q3 gaming share from City of Dreams Manila down 2.8% y/y

Belle Corporation reported that its share of gaming revenue from City of Dreams Manila amounted to PHP530.0 million (US$8.3 million) in the third quarter of 2026, down 2.8 percent from PHP545.3 million a year earlier. The figure was up 13.4 percent sequentially, according to unaudited financial results filed on Thursday. Belle receives the gaming share through its subsidiary Premium Leisure Corp.

Operating and lease arrangements

City of Dreams Manila is operated by a unit of Melco Resorts & Entertainment Ltd; Belle Corporation owns the land and buildings used by the resort and leases them to Melco Resorts’ Philippine subsidiary. Belle reported lease income of PHP591.7 million for the three months to 30 September, an increase of 0.7 percent from the prior-year period. The report links the gaming-share receipts and lease income to those contractual arrangements.

Nine-months performance and group results

For the first nine months of 2026, Belle’s share of gaming revenue from City of Dreams Manila rose 12.5 percent year-on-year to PHP1.48 billion. Lease income for the nine-month period was broadly flat at PHP1.77 billion.

Belle posted consolidated net income of PHP684.6 million for Q3, up 31.5 percent from a year earlier, on consolidated revenue of PHP1.59 billion for July to September, a 12.9 percent year-on-year increase. The company said higher equipment rental revenue from lottery-related operations supported the quarterly revenue gain.

For the nine months to 30 September, Belle recorded consolidated net income of PHP1.66 billion, up 25.7 percent year-on-year, and revenue rose 11.3 percent to PHP4.32 billion.

Debt, financing and Clark project

Interest expenses and other financing charges declined 29.9 percent year-on-year in the nine-month period to PHP358.0 million, which Belle attributed to lower outstanding borrowings. Consolidated debt stood at PHP3.10 billion as of 30 September, down 41.2 percent from PHP5.28 billion at the end of 2025.

The Belle group has obtained a provisional gaming licence for a planned integrated resort in Clark, Pampanga province, and said it has been in discussions with potential casino operators for the project. The company previously said it planned to invest at least US$300 million in the development, with a targeted opening within two to three years of securing an operating partner.