Belle’s 1Q Gaming Share from CoD Manila Rises 12.3%

Belle Corp reported higher gaming revenue from its share of the casino business at City of Dreams Manila in the first quarter of 2026, with earnings rising 12.3% year-on-year to PHP485.7 million ($8.0 million). The company said the increase came alongside stable leasing revenue and a higher overall net income for the period.

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Gaming Share Improves

In a filing to the Philippine Stock Exchange, Belle said its gaming revenue generated from its share of the casino business at City of Dreams Manila reached PHP485.7 million in the 3 months to March 31. That was up from the same period a year earlier and reflected the company’s entitlement to a share of revenues or earnings from gaming operations under an operating agreement between Premium Leisure Corp and a unit of Melco Resorts & Entertainment Ltd.

The result showed a stronger performance from Belle’s gaming-related interests at the Manila property. While the company does not directly operate the casino, its agreement allows it to benefit from the gaming business at City of Dreams Manila through its subsidiary structure.

Leasing Revenue Stable

Belle also announced that its total income from the lease agreements involving the City of Dreams Manila to the Melco Resorts Group was PHP588 million, with no year-over-year change. The income from leasing did not fluctuate despite the rise in gaming income, providing the company with another steady source of income.

The combination of a higher gaming share and stable leasing receipts supported Belle’s top line in the first quarter. The company said total revenue for the period rose 8.9% year-on-year to nearly PHP1.42 billion, showing continued growth across its reported businesses.

Net Income Rises

Belle’s aggregate net income for the first 3 months of 2026 was PHP524.4 million. That result came after the company posted stronger total revenue, helped by the improved gaming share from City of Dreams Manila and the steady leasing contribution.

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The first-quarter figures indicate that Belle maintained a solid performance compared with the same period last year. The company’s reported numbers also point to the importance of its long-running arrangement tied to the Manila resort, which remains a key source of revenue.

Full-Year Comparison

In full-year 2025, the gaming income for Belle was PHP1.90 billion, which declined by 17.3% from the previous year. This can be used as a benchmark compared to the better start of 2026, with an increased quarterly gaming income.

The latest result suggests a better opening quarter for Belle after last year’s weaker annual performance. With gaming revenue up and leasing income steady, the company’s quarterly filing showed an improvement in both operating trend and earnings contribution from its City of Dreams Manila interest.

Clark Resort Plan

Earlier this year, Belle said it was strengthening its proposal to develop a new casino resort in Clark, in Pampanga province. The site is about a 2-hour drive from Manila, and the plan remains part of the company’s broader direction.

For now, Belle’s latest filing shows that its Manila-linked casino interest continues to deliver growth at the start of 2026. The company’s first-quarter result was supported by higher gaming revenue, stable leasing income, and a stronger net income figure, all of which point to a firmer opening to the year.

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Source: GGR Asia