Lower casino, real estate gains cut Belle H1 bottom line

Leisure estate and gaming firm Belle Corp. booked an attributable net profit of P779.11 million in the first semester, down by 3.55 percent from the past year due to lower casino and real estate development revenues.

Attributable net profit in the second quarter alone declined by 22.3 percent to P330.77 million, the company said in a regulatory filing.

Total six-month revenues amounted to P2.47 billion, down from P2.75 billion in the same period last year.

The 10-percent decline in revenues, partly cushioned by the drop in cost and expenses, resulted in lower net income compared with 2024, the company said.

Six-month gaming revenue share fell by 18 percent to P772.29 million, while revenues from the sale of real estate at the Tagaytay Highlands complex also slumped by 54 percent to P74 million.

On the other hand, first-semester leasing income went up by 1 percent to P1.18 billion.

Belle is the landlord of City of Dreams Manila, which is leased to Melco Resorts and Entertainment (Philippines) Corp. It also earns from its share of gaming revenues from this integrated casino resort.

Earnings from equipment rental to the Philippine Charity Sweepstakes Office for lottery operations were stable at P258.9 million in the first six months.

Subsidiary Pacific Online Systems Corp., through its 50 percent-owned joint venture operation, PinoyLotto Technologies Corp., leases the online betting equipment.