Belle: share of City of Dreams Manila gaming revenues fell 2.8% in Q3 2026

Belle Corp reported that its share of gaming revenues from the City of Dreams Manila complex was PHP530.0 million (US$8.3 million) in the third quarter of 2026, a 2.8 percent decline from PHP545.3 million in the same period of 2025. The figure rose 13.4 percent quarter‑on‑quarter, according to unaudited financial results released on Thursday.

Details on the operating and leasing relationship

Belle receives its portion of gaming revenues through its subsidiary Premium Leisure Corp. The City of Dreams Manila resort is operated by a unit of Melco Resorts & Entertainment Ltd. Belle owns the land and buildings used by City of Dreams Manila and leases them to Melco Resorts’ Philippine subsidiary. The company reported lease income of PHP591.7 million for the three months ended 30 September, an increase of 0.7 percent versus the prior year period.

Cumulative results and key line items

For the first nine months of 2026, Belle’s share of gaming revenues from City of Dreams Manila increased 12.5 percent year‑on‑year to PHP1.48 billion. Lease income for the period was essentially flat at PHP1.77 billion.

Belle reported consolidated net income of PHP684.6 million in the third quarter, up 31.5 percent year‑on‑year. Consolidated revenues for July to September rose 12.9 percent year‑on‑year to PHP1.59 billion, supported by higher equipment‑rental income related to lottery operations.

For the nine months ended 30 September, Belle posted consolidated net income of PHP1.66 billion, an increase of 25.7 percent versus the prior year. Revenues rose 11.3 percent year‑on‑‑year to PHP4.32 billion.

Finance costs, debt and the Clark project

Interest expense and other finance charges fell 29.9 percent in the nine months to PHP358.0 million, which the company attributed to lower outstanding borrowings. Belle’s consolidated debt was PHP3.10 billion at 30 September, a 41.2 percent reduction from PHP5.28 billion at the end of 2025.

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