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Philippines – Belle Corp. looks to become equity holder in City of Dreams Manila

By - 21 May 2018

Premium Leisure Corp (PLC), the company who owns Belle Corp, the local partner in City of Dreams Manila, has asked its partner in the project, Melco Resorts, if it can buy more shares in the casino.

Melco has held ‘preliminary discussions’ with Premium Leisure Corp regarding a ‘potential transaction whereby PLC or its affiliated entities may become equity holders of the corporation.’

Premium Leisure Corp currently holds an operating agreement with a subsidiary of Melco Resorts (Philippines) giving it either the greater of 50 per cent of EBITDA or 15 per cent of mass gaming win plus five per cent of VIP win generated by City of Dreams Manila.

Belle Corp recently asked Melco Resorts if it wanted to join it in a project to expand City of Dreams Manila using a one-hectare land adjacent to the property.

Belle President Manuel Gana revealed that the 6.2-hectare Manila resort, which has over 900 hotel rooms, needs more rooms as it was now operating at close to full capacity with an occupancy rate of over 90 per cent.

Growth of eight per cent at City of Dreams Manila helped to boost Belle Corp’s net income in the first quarter of 2018 which increased by 10 per cent to P857m.

Belle said recurring net income increased 17 per cent to P888m. It owns City of Dreams via its 78.7 per cent-owned subsidiary, Premium Leisure Corporation (PLC). Belle Corp.’s earnings before interest, taxes, depreciation and amortization (EBITDA) from its income share in the gaming operations of City of Dreams Manila came in at P474m in the first quarter of 2018 up from P439m the year before.

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