MANILA, Oct. 30 (PNA) — Belle Corporation, a property and gaming unit of SM Investments Corp., booked an 80-percent increase in profit in the first nine months of 2015 on the back of higher revenue from its lease of the City of Dream Manila property.
Its net income reached PHP1.1 billion in January to September compared to recurring net income of PHP631.1 million last year, excluding a non-recurring PHP1.2 billion reversal of provisions for probable losses by its Premium Leisure Corporation (PLC) subsidiary in 2014.
Belle posted operating revenues of PHP4 billion, up by whopping 150 percent from its operating revenues of PHP1.6 billion for the same period in 2014.
It attributed higher revenue from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Limited (MCE), higher income from sales of real estate and increased income contributed by its listed subsidiaries –PLC and Pacific Online Systems Corporation.
PLC has an operating agreement with MCE that accords it a share of gaming revenues or earnings at City of Dreams Manila which had a grand opening last February.
City of Dreams Manila includes about two hectares of gaming space, more than 900 hotel rooms operated under three hotel brands namely Crown, Hyatt and Nobu; the DreamPlay indoor family amusement park, and around two hectares of restaurant and retail space. (PNA)