Belle Corp Q3 Gaming Revenue Share from City of Dreams Manila Declines 2.8 Percent Year-on-Year
Belle Corp says its share of gaming revenue from the City of Dreams Manila casino resort amounted to nearly PHP530.0 million in the third quarter of 2026, down 2.8 percent from PHP545.3 million a year earlier. The figure was up 13.4 percent sequentially. Consolidated net income was PHP684.6 million for the third quarter, up 31.5 percent from a year ago.
SCCG Take — Belle's debt reduction and Clark project momentum provide a buffer against isolated quarterly softness at an existing asset.
Belle Corp's share of gaming revenue from City of Dreams Manila totaled nearly PHP530.0 million (US$8.3 million) in the third quarter of 2026. The amount reflects a 2.8 percent year-on-year decline from PHP545.3 million, as reported by GGRAsia. The quarterly figure rose 13.4 percent sequentially according to the company's unaudited financial results filed on Thursday.
Belle receives the gaming share through its subsidiary Premium Leisure Corp. A unit of Melco Resorts & Entertainment Ltd operates the resort. Belle also owns the land and buildings and leases them to Melco's Philippine subsidiary.
Quarterly and Nine-Month Metrics
Lease income reached PHP591.7 million for the three months to September 30, an increase of 0.7 percent from the prior-year period. For the first nine months of 2026, the gaming revenue share climbed 12.5 percent year-on-year to PHP1.48 billion. Lease income for the nine-month period held steady at PHP1.77 billion.
Consolidated net income for the third quarter rose 31.5 percent to PHP684.6 million. Revenue for the period increased 12.9 percent to PHP1.59 billion, driven in part by higher equipment rental revenue from lottery operations. Over the first nine months, net income totaled PHP1.66 billion, up 25.7 percent, while revenue reached PHP4.32 billion, up 11.3 percent.
The company linked the net income improvement to higher revenues and reduced financing costs. Interest expenses and other financing charges fell 29.9 percent to PHP358.0 million in the nine-month period due to lower outstanding borrowings. Consolidated debt stood at PHP3.10 billion as of September 30, down 41.2 percent from PHP5.28 billion at the end of 2025.
Path Forward on Clark Development
Belle has obtained a provisional gaming licence for a planned integrated resort in Clark, Pampanga province. The company has been in discussions with potential casino operators for the project. It previously stated plans to invest at least US$300 million in the development, with a targeted opening within two to three years of securing an operating partner.
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