(AsiaGameHub) – Belle Corporation’s latest report indicates a 12% rise ($10.48 million), with total earnings amounting to $7.98 million in the first quarter. Gaming and property-related operations contribute a substantial share of Belle’s overall income, as CODM remains the main driver.
Belle earned an additional $9.70 million in lease income from the CODM site under a long-term lease with Melco Resorts and Entertainment (Philippines) Corporation. This pushed Belle’s total revenues to $23.3 million for Q1 FY2021, a 9 percent year-over-year increase. The revenue growth can be attributed to both gaming and non-gaming streams.
Tagaytay Highlands’ revenue rose 57% to $2.4 million. The utilities segment also reported an 18 percent revenue increase, reaching $1.2 million. In contrast to Belle’s performance, Pacific Online Systems Corporation (POSC)—in which Premium Leisure holds a 50.1 percent stake—generated approximately $2.10 million in revenue, remaining consistent with the previous year.
Despite Belle’s success, the broader gaming sector in the Philippines is under pressure from a surge in online gaming and shifting tourism patterns, which are negatively impacting land-based casino performance.
Belle’s core asset remains CODM, supporting its unique operating model that combines gaming participation, lease revenue, and property development.
Chairman and Chief Executive Officer Lawrence Ho said:
We have also finished evaluating strategic alternatives for COD Manila. While we considered various options, none of them would fully realize the property’s value and potential. We are confident that business will rebound, and we may revaluate the situation in the futureem>
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