Belle Shares of Gaming Revenues From City of Dreams Manila Soars 37.5% in 2Q

There was an improvement in Belle Corp’s share of gaming revenues from City of Dreams Manila in the second quarter of 2026 as it recorded a solid increase on a yearly basis while declining modestly on a sequential basis. It also saw a gain in net income and total revenues.’

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Gaming Revenue Participation Rises

In a filing to the Philippine Stock Exchange, Belle said its share of gaming revenue from the casino business at City of Dreams Manila reached PHP467.2 million, or about US$7.6 million, in the 3 months to June 30, 2026. That figure was up 37.5% year-on-year.

In terms of sequential performance, Belle’s latest quarter gaming revenues from the casino property declined by 3.8% compared to the PHP485.7 million recorded in the first quarter of 2026. This is despite a strong start to the year, but still well above its second-quarter performance in 2025.

As per the operating agreement made between the wholly-owned subsidiary of the company, Premium Leisure Corp, and a subsidiary of Melco Resorts & Entertainment Ltd, which operates the casino, Belle gets a portion of the revenues or profits earned through its operations at the casino.

Lease Income Holds Steady

Alongside its gaming participation, Belle earns revenue from leasing City of Dreams Manila to the Melco Resorts group. The company said lease-related income stood at PHP587.3 million in the second quarter, flat compared with the prior-year period.

The stable lease revenue provided a consistent base on top of which the gaming share increased year-on-year. Taken together, the two streams form the core of Belle’s income exposure to City of Dreams Manila.

The filing did not break down other non-gaming sources from the property, but the combination of gaming and lease participation continues to anchor Belle’s casino-linked earnings.

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Net Income And Total Revenue Growth

Belle saw net income of PHP452.4 million in the second quarter of 2026, which was an increase of 33.6% on the same quarter a year ago. On the other hand, total revenue increased by 11.9% to PHP1.31 billion.

In terms of growth rate, the net income growth was faster than total revenue growth, implying a higher margin or perhaps a good contribution mix in the quarter. The growth in net income could be attributed to the gaming revenue from City of Dreams Manila, as well as lease income and other sources of revenue.

It is worth noting that no information was provided about the segments in the filing, but the numbers indicate that its participation in the integrated resort continues to play a significant role in its quarterly performance.

Clark Casino Plan Still In Play

Earlier this year, Belle announced that it was pursuing its idea of developing a casino resort in Clark, Pampanga, about two hours’ drive away from Manila. In addition, the company secured a provisional license for the project, confirming that it had been holding talks with casino operators regarding collaboration.

The second-quarter results show Belle’s existing stake in City of Dreams Manila remains a key earnings driver as the Clark plan advances. With gaming share rising year-on-year and lease income holding steady, the company’s current exposure to the capital’s integrated resort market continues to underpin its financial profile while it weighs expansion into another Philippine gaming hub.

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Source: GGR Asia